Tristan Capital Partners has sold a Casino hypermarket asset in the Bordeaux, France, for about €35million on behalf of the core-plus fund CCP 5 LL. The asset was sold to an unnamed client of JLL.
The fund acquired the 17,700 sq m asset, located in the city’s Pessac district, in late 2017, with operating partner F&A Asset Management. The hypermarket was repositioned to help improve the tenant’s operational efficiency, with a long term re-gear.
The deal highlights the resilience of food anchors throughout the pandemic.
“The Casino hypermarket in Pessac provided us with a well-located asset with strong underlying fundamentals,” said Tristan Capital Partners executive director Yassine Berkane. “This deal demonstrates the continued investor appetite we’re seeing for different retailing formats, showing an understanding that grocery-backed assets in urban locations can play a significant role in their portfolios.”