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Armand Thiery

Henderson sells Parisis Park in France

Henderson’s European Retail Property Fund – Herald, has sold ”Parisis Park” in Franconville near Paris to Cordea Savills, for c.€40 million.

Henderson’s European Retail Property Fund – Herald, has sold ”Parisis Park” in Franconville near Paris to Cordea Savills, for c.€40 million. Cordea Savills has purchased the asset for its European Commercial Fund.

“Parisis Park” is part of La Patte d’Oie, one of the most established and best performing out-of-town retail zones in the Greater Paris Area. It benefits from a strategic location, close to major anchors IKEA, E.Leclerc hypermarket and the “Quai de Marques” shopping outlet. It comprises two modern buildings with a total lettable area of 8,892 sq m and is leased to well-known retail chains C&A, Sports&Loisirs, Cultura and Armand Thiery.

Henderson acquired the asset in 2007. Since that time, it achieved rental growth in excess of 5% per annum over the hold period. Asset management initiatives included gaining planning approval for a new 1,000 sq m unit at the site which was subsequently developed and let to Armand Thiery.

Carl White, Fund Manager of the Herald Fund, commented: “The successful sale in Franconville is in line with our Fund strategy to realise value from exiting assets; having completed the development and subsequent letting to Armand Thiery earlier this year, we identified an optimum time to exit the investment.”

Ara Adjennian, Retail Director, France, commented: "What we have achieved at Parisis Park is a great example of Henderson's retail expertise and knowledge of local markets and demonstrate the rental growth perspective and resilience of retail parks in France. Indeed, we have been able to secure excellent rental growth year after year and with our business plan now completed, it is the right time to sell at a yield much lower than 5.5% and crystallise performance."

Henderson was advised by Gide (Carol Santoni), Wargny-Katz (Nicolas Masseline), Taj (Sarvi Kehani) and Deanjean. Cordea Savills was advised by SJ Berwin, Le Breton & Associes, Fidal, KPMG and Turnbull.

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