Catalyst Capital, the European real estate investment and asset
management firm, has acquired the Domus shopping centre at Rosny-sous-Bois on
the eastern outskirts of Paris at a price above €100m.
Catalyst’s new European real estate fund,
Catalyst European Property Fund II (CEPF II), has purchased the 62,633 sq m,
three-level centre, which is dedicated to home furnishings.
Located at the intersection of the A86
and A3 motorways, Domus was built in 2006 and modernised in 2014-2015. The
centre comprises 70 shops and four anchor stores, Alinea, Truffaut, Boulanger and
Zodio, and has an occupancy rate of 94%, following the latest arrivals of
Maisons du Monde and Ligne Roset.
BNP Paribas Real Estate acted for the
vendor; Catalyst was advised by JLL, Freshfields, Lasaygues, BDGS and Eight
Advisory. Accessite will continue to operate as the property and leasing
manager on behalf of CEPF II.
Fabrice de Clermont-Tonnerre, a partner of Catalyst Capital, said: “We
are excited about the opportunities at Domus and its growth potential. It is
located in a fast-changing retail cluster, which will benefit from the
construction of more than 1,300 homes in the next three years and a new metro
station in 2021”.
Catalyst announced the final close of CEPF II late last year, a real
estate fund targeting €1 billion of investments. Catalyst has already acquired around
€850 million of real estate across Europe for CEPF II. Among the transactions
are the Regatta and Eva portfolios, which total 34 properties, in the UK, and Project
10, a €200 million German office and retail portfolio.
Domus is the fourth asset on the
outskirts of Paris to be acquired by CEPF II. In January 2016, the fund purchased
three office buildings, Perspective Seine in the Pleyel district of Saint-Denis
from a fund managed by AEW Europe and two properties west of Paris, Atria at
Rueil-Malmaison and Axe Etoile at Nanterre-Préfecture, from Amundi Real Estate.
CEPF II invests in the office and retail sectors and, geographically,
in the countries in Europe where Catalyst has an established presence, which
are the UK, France, Belgium, Germany and Poland, where Catalyst believes there
is the potential to source attractive value-creation opportunities and
capitalise on the market dislocation between prime and secondary assets. It is targeting
a diversified portfolio of income-producing assets and development and
refurbishment opportunities.