A property division of French asset manager La Fran莽aise has bought a retail park in Germany for an undisclosed sum.
La Fran莽aise Real Estate Partners International said it has bought the QuartierWEST retail park in Essen, on behalf of two of its property vehicles, from Schoofs-Gruppe.
The retail park was completed in 2018 and is fully let to six tenants with long term leases.
The two-storey commercial property provides 12,125sqm of retail and hotel space.
Jens G枚ttler, a managing director in Germany for La Fran莽aise Real Estate Partners International, said: 鈥淲e鈥檙e confident that the QuartierWEST park will make for a quality long-term investment for our collective real estate investment vehicles.
鈥淭he prime positioning of the asset and the surrounding economic and residential activity should contribute to maintaining the 100% occupancy rate.鈥�
