La Française acquires 250 cottages and a commercial building in Allgäu Center Parcs in Germany
07 November 2016
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.