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.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Dolphin Living makes splash with Retail Charity Bond
23 June 2017 | London | Reporter: Theo Andrew
The money raised will be invested in Dolphin Living’s London portfolio, which includes 196 homes currently under development
New York apartment block bagged for $57 million
23 June 2017 | New York | Reporter: Theo Andrew
The 53,000-square foot 12-storey property consists of 54 one-, two- and three-bedroom newly-refurbished units
AEW Germany fund hits €118 million on first close
22 June 2017 | Berlin | Reporter: Theo Andrew
Focusing on Germany’s seven main cities, the fund will also strategically target other established office locations around the country
Wanda HK acquires Nine Elms Square for £470 million
21 June 2017 | London | Reporter: Theo Andrew
Vinci St. Modwen, the 50/50 joint venture between St. Mowden Properties and Vinci expects to complete the sale of the 10-acre site later this summer
Majority stake in Barcelona Hilton bagged by AXA IM - Real Assets
21 June 2017 | Barcelona | Reporter: Theo Andrew
Purchased from Iberdrola Inmobiliaria on behalf of AXA Insurance Companies, the 4-star hotel is currently operated by Hilton Hotels on a long-term lease
UK self-storage market expands for third year running
21 June 2017 | London | Reporter: Theo Andrew
The UK now accounts for 47 percent of Europe’s self-storage space, according to the UK Annual Industry Report
Hermes dispatches East London portfolio to Great Portland Estates
20 June 2017 | London | Reporter: Theo Andrew
Spanning 1.1 acres, the properties are located between Aldgate and the new Whitechapel Crossrail Station