Clearwater International France has advised Primonial REIM on the acquisition of a portfolio of real-estate assets, on Rue de la République in the 1st and 2nd arrondissements of Marseille, from ANF Immobilier for a price of €400 million*.
The 140 properties have total floorspace of 127,000 sqm. They consist mainly of Haussmann-style mixed-use buildings, with retail and office space on their ground floors, and are ideally located on one of Marseille’s main residential and shopping streets.
Primonial REIM intends to carry out major repositioning work on the portfolio, creating a diversified set of properties that meet the needs of local residents. The retail space will be redesigned, with the focus on neighbourhood stores (food, dining, wellness, culture etc.) and the introduction of new retail concepts. The extensive works that will take place over the next five years will give new impetus and fresh appeal to the district.
The acquisition fits with Primonial REIM’s strategy of diversifying its investments, which includes the aim of becoming a significant player in the residential real-estate market.
The Clearwater International France team in charge of this transaction was composed of Laurent Camilli, Managing Partner, Benjamin Zayat, Managing Partner, Matthias Krimmel, Associate and Guillaume Fenni, Analyst.
*Excluding transfer duties and including a property in Lyon that is not part of the club deal.
Laurent Fléchet, Chairman of Primonial REIM’s Executive Board commented: “We are proud to be increasing our presence in Marseille through this excellent deal. The acquisition shows Primonial REIM’s desire to increase its presence in neighbourhood properties, with an offering that fits with the needs of local residents. We are working in partnership with the city of Marseille to write a new chapter in the story of Rue de la République.”
Laurent Camilli, Managing Partner, Clearwater International added: “The Clearwater International France team is pleased to have advised Primonial REIM on this ambitious and complex transaction that is synonymous with Primonial REIM’s vision and its capacity for the team and management to conclude milestone transactions.”