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NAMI-AEW Europe buys two shopping centers for €188m

The wholly-owned affiliate of real estate investment manager AEW Europe has purchased the Primavera portfolio from London-based property firm Grosvenor Group. 

NAMI-AEW Europe, the wholly-owned affiliate of Paris-based real estate investment manager AEW Europe, has acquired two French shopping centers for a total of €188 million.

The Primavera portfolio, which was purchased from London-based property firm Grosvenor Group, comprises the 100,050-square-foot Bonneveine shopping center in Marseille and the 119,000-square-foot Croix Dampierre shopping center, in Châlons-en-Champagne, 160 kilometers east of Paris.

The transaction was made via three of NAMI-AEW Europe’s investment vehicles, Franceurope Immo, Fructifonds Immobilier and Laffitte Pierre.

“In line with the investment strategy of the three funds involved in the acquisition, these two shopping centers have strong performance records and are well established in their prime, high footfall locations,” said Arsène Marques, deputy managing director at NAMI – AEW Europe.

Though relatively quiet on the deal front in recent months, its parent company has been much busier this summer with various real estate investment fundraisings.

In July, AEW Europe raised €400 million of fresh commitments after reopening its core industrial and warehouse platform, Logistis, just closing the fund with €1.3 billion in capital commitments 18 months earlier. The new equity was raised entirely from existing investors, which AEW Europe said at the time included a number of institutional investors from across Europe and Asia. The fund had total equity of €1.7 billion but with debt had total firepower of €3 billion.

A month earlier, in June, the investment manager finished capital raising for its Europe Value Investors Fund with a total of €412.6 million. The fund, launched in early 2014, had an original fundraising target of €350 million. The strategy for the fund is to focus on core-plus and value-add office investments across Europe, but predominantly in the UK, France and Germany.

For the Primavera portfolio deal, NAMI-AEW Europe was advised by White & Case and Cheuvreux, while Grosvenor was instructed by King & Spalding et l’étude Allez & Associés. JLL was the agent for the transaction.