20 March 2017
Paris
Reporter: Theo Andrew

€35 million invested into French retail portfolio


The Senior European Loan Fund II (SELF II) has invested €35 million in the Ambassadeurs portfolio, acquiring 11 retail assets in France.

This is the fourth investment made by the fund, which is dedicated to institutional investors that meet the definition of ‘well-informed investors’ under Luxembourg law, bringing its total investment to €105 million, a quarter of the equity it has raised.

The assets are located in prime retail locations in Paris, Lyon, Marseille, Cannes and St. Tropez.

Tenants include luxury brands such as Dior, Prada, Yves Saint Laurent and Chanel and international brands including H&M.

The fund was launched in 2016 by AEW Europe and Natixis Asset Management, and is managed by Natixis Luxembourg.

Arnaud Heck, head of real estate finance at Natixis and co-head of the real estate finance platform, said: “We are targeting a sustained investment program that will create a significant diversified portfolio for the fund based on our current pipeline. The loan represents a relatively limited risk with an average LTV3 on the portfolio of around 60 percent and an interest coverage ratio over 300 percent.”

Cyril Hoyaux, managing director at AEW Europe and co-head of the platform, added: “We consider that Ambassadeurs is a rare opportunity to invest in a funding that covers a high quality retail portfolio with prestigious locations, strong tenants and an adequate financing structure.”

He added: “We believe that risk adjusted returns are attractive for our investors and in line with the targeted returns of SELF II of over 2 percent.”

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