LaSalle acquires two retail premises in Toulouse’s historic centre from BNP Paribas REIM
PARIS (September 26, 2018) — LaSalle has acquired two ground-floor retail premises in the centre of Toulouse from BNP Paribas REIM France, on behalf of the LaSalle E-REGI fund for €23.9 million
The property is located on the corner of Rue de Metz and Rue Boulbonne and provides approximately 2,300m² (24,757sq ft) of retail space after it underwent a complete renovation in 2011. It is fully-let to German prêt-à-porter clothing brand Hugo Boss and, since March 2018, to an outlet of the French garden centre chain, Truffaut, which has chosen this location to develop its latest urban concept.
It is housed within an elegant design and architectural style building – the former Grand Hotel of Toulouse -, featuring cut-stone façade, Art Nouveau turret and Art Deco glass roof. Its 75 linear metres (807 feet) of frontage and strategic location in a part of the city that is home to a number of luxury brands such as Louis Vuitton and Hermès, offer it an exceptionally prominent position in the very heart of a major shopping area.
Uwe Rempis, Fund Manager for LaSalle E-REGI fund at LaSalle Investment management, said: “This is a high-quality, core asset in a primary city, which will be an excellent addition to our Fund. We are keen to increase the diversification of the Fund’s allocation and invest more in France.
Beverley Shadbolt, Country Manager for France at LaSalle Investment Management, said: “Following on from the acquisition of Place des Halles in Strasbourg last December, this deal further underpins our interest in regional city centre retail spaces. Its prominent location and unique architecture makes this building a prime choice for national and international brands looking to open a store in France’s fourth-largest city.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $64 billion of assets in private and public real estate property and debt investments as of Q4 2018. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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