BNP PARIBAS REIM FRANCE BUYS A 34,500 SQ M RETAIL PARK IN BUCHELAY, FRANCE

The “Mon Beau Buchelay” retail park opened in November 2019 and was a result of the restructuring of the former retail zone, which is part of the Seine Aval national interest operation, instigated by the French government.

It has a retail area of 34,500 sq m, with 57 units occupied by national retailers in various sectors such as home, personal goods, culture, and leisure. It also features a wide variety of restaurants with 7 establishments and 1,105 parking spaces including charging stations for electric vehicles. The environmental aspects are central to the asset’s positioning, with the fitting of 1,000 sq m of solar panels and LED lighting, as well as beehives and birdhouses. The retail park is expected to achieve BREAAM International In-Use certification, targeting a Very Good level. The asset possesses an open-air architecture set around 14,000 sq m of green and aquatic spaces with water jets, and sound & light shows for visitors throughout the day.

Accimmo Pierre is a fund managed by BNP Paribas REIM France that holds 80 buildings and is valued at €3.4bn. Its portfolio is composed of assets predominantly located in Paris and the Paris region and then in the major regional cities. In 2021, the fund obtained the SRI (Socially Responsible Investment) label.

“This investment fits the fund’s strategy and confirms its determination to diversify with a new acquisition in retail parks, an asset class that has proved particularly resilient during the Covid-19 crisis. ‘Mon Beau Buchelay’ is the third retail acquisition for Accimmo Pierre this year.” remarks Claire Grandin, Deputy Head of Investment for BNP Paribas REIM France.

“We are very glad of our partnership with BNP Paribas REIM France, which began 5 years ago. The Compagnie de Phalsbourg will continue to manage and promote ‘Mon Beau Buchelay’, which is a ‘Trophy Asset’ in the retail park sector and shows that our ESG vision can contribute to the appeal of the regions and to building the France of the future” says Philippe Journo, Chairman, and founder of Compagnie de Phalsbourg.

The transaction was brokered by Savills. BNP Paribas REIM France was advised by Wargny Katz, CMS Francis Lefebvre and Artelia. Compagnie de Phalsbourg was advised by Invictus Notaires.