Redevco and Hermes Investment Management have made their second joint venture real estate purchase.
The 鈧�250m investment programme, , bought a shopping centre in Lille for an undisclosed amount.
The 25,000sqm Le 31 on Rue de B茅thune in central Lille will be redesigned and redeveloped into a retail-led mixed-use building, with completion scheduled for 2019.
Andrew Vaughan, chief executive at Redevco, said: 鈥淎side from France, we will be looking for other opportunities of this kind elsewhere in the core markets of Western and Northern Europe.鈥�
Chris Taylor, head of private markets at Hermes Investment Management, said: 鈥淲e can provide holistic returns through the active management of this prominent asset whilst working in close alignment with our like-minded local partner.鈥�
The partnership鈥檚 first deal was announced in October.
The L鈥橢space du Palais, in the French city of Rouen, was bought from KKR.
The 10,000sqm asset will be redeveloped, with completion due in 2019.
