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.