La Française acquires 250 cottages and a commercial building in Allgäu Center Parcs in Germany
La Française acquired, on behalf of a number of French institutional investors, an extension to the Allgäu Center Parcs holiday village in Baden Württemberg, Germany, from the Pierre & Vacances Center Parcs Group.
The development is located on a green field site in the city of Leutkirch in Allgäu. It will comprise 250 high-quality holiday cottages offering a surface area of 25,000 m² and a commercial building with spa, restaurants, shops and play areas of around 2,500 m².
This project forms part of a larger development in the Allgäu Center Parc, which involves building a total of 1,000 cottages. The full complex is scheduled for delivery by 31 December 2018.
The buyer has signed a development agreement with the German real estate development subsidiary of Pierre & Vacances Center Parcs Group. The cottages and commercial building will be let by the same group's German operating subsidiary under two separate 15-year commercial leases. Asset management will be handled by La Française Real Estate Partners, La Française’s specialist entity for institutional investors.
Patrice Genre, Chairman of La Française Real Estate Partners said:
“This acquisition is the fruit of our longstanding working partnership with Pierre & Vacances Center Parcs. It means our institutional clients can benefit from a long-term investment that offers diversification in the heart of one of Germany's strongest economic and busiest tourist regions.”
Gérard Bremond, Chairman of the Pierre & Vacances Center Parcs Group added:
“The Allgäu project reinforces our group’s presence in Germany under the Center Parcs brand in one of the fastest-growing catchment areas in Europe. It also underlines the appeal of our real estate offering for long-term institutional investors, attracting prestigious partners such as La Française.”
Financing for the deal was provided by BNP Paribas' Frankfurt branch advised by Mayer Brown.
The buyer was assisted by Freshfields Bruckhaus Deringer LLP through their French and German (Frankfurt and Hamburg) offices.
Paris, France, September 5, 2017
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About La Française Group
For forty years, La Française has been developing core competencies in third party asset management.
La Française has a multi-expertise business model organized around four core activities: securities, real estate, investment solutions and direct financing. The group caters to institutional and private clients throughout the world.
With 639 professionals and offices in Paris, Frankfurt, Geneva, Hamburg, Stamford (CT, USA), Hong Kong, London, Luxembourg, Madrid, Milan, Seoul and Singapore, La Française manages €65.8bn in assets (as at 01/01/2019).
La Française is a forward-looking responsible investor and as such, incorporates tomorrow’s challenges into today’s investment strategy.
La Française is owned by Credit Mutuel Nord Europe (“CMNE”), a banking and insurance group present in Northern France and Belgium.