Tristan long-life fund acquires Bordeaux Hypermarket
Tristan Capital’s Curzon Capital Partners 5 Long-Life Fund has acquired a 17,700 sq m hypermarket in Pessac (Bordeaux) in an asset sale transaction. The asset was sold by L'Immobilière Groupe Casino in an off-market transaction.
F&A Asset Management, which sourced the off-market investment opportunity for the Fund, will be responsible for the asset management.
The hypermarket is part of the 35,040 sq m Bois de Bersol retail cluster, which is strategically located in the wealthy catchment area of Pessac within the metropolitan area of Bordeaux, France’s sixth largest city. It is also conveniently located near to the city’s ring road and A63 motorway intersection. The location attracts a strong annual footfall of 2.5 million visitors.
Cecile Champy, Executive Director – Portfolio and Asset Management, Tristan Capital Partners, says: “This acquisition gives the Fund an excellent opportunity to take exposure on retail’s most resilient sectors – food and consumables – and the opportunity to invest in the dynamic Bordeaux region. We also look forward to expanding our footprint in the French market not only through retail exposure to provinces, but also in office, logistics and mixed-use schemes in Ile de France for our core plus and value-add/opportunistic funds.”
Following the Fund’s acquisition, Géant will continue to operate the hypermarket which will be renovated according to Groupe Casino’s latest food-focused concept. Casino and Tristan have agreed to re-model the sales area, which will enable Tristan to accommodate a new retailer and thereby enhance the current retail mix of the shopping gallery. Géant will continue to operate the hypermarket after the restructuring of the area.