Unibail-Rodamco agreed with Allianz Real Estate to sale, Q1 2015, its share in Nicétoile shopping centre, located in Nice. The Nicetoile shopping center has 15,389 sq.m. (166,000 sq.f. of retail space and 2,018 sq.m. of offices and 1,852 parking space.
The acquisition cost of 312.5 million euros results in a net initial yield of 5 %.
Nicetoile shopping centre, which attracts 13,1 million visitors a year, will be managed by Hammerson, co-investor alongside Allianz Real Estate, to 10% of the property for an amount of 30,5 million euros.
In this transaction, the Capital Markets Group of Cushman & Wakefield advised Unibail-Rodamco, as part of a co-exclusive sale instruction with JLL.
"The retail investment market is booming with volumes expected to reach 7 billion euros by the end of the year and increased interest from investors for prime high street assets and iconic shopping malls, which are rare on the market, "said Antoine Grignon, Head of Retail Investment at Cushman & Wakefield France.