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Grosvenor Fund Management sells French high street retail portfolio

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Grosvenor Fund Management (GFM) has sold Grosvenor Retail European Properties (GREP), the parent Company to a group including a French OPCI owning a portfolio of French high street retail assets, to Syntrus Achmea Real Estate and Finance on behalf of one of its clients for in excess of €120m.

The French investment vehicle will be managed by BNP Paribas REIM France. GFM was advised by Cushman & Wakefield and DC Advisory.

The OPCI's portfolio consists of 16 prime retail assets in Paris, Bordeaux and Toulouse, which are let to international brands including Zara, H&M, Etam, Gap, Massimo Dutti and Petit Bateau.