Netherlands-based property group Corio has announced the official acquisition of the 110,000 m[sup]2[/sup] Grand Littoral, the fourth largest shopping centre in France. The acquisition from Paris-based insurance company Macif for EUR 385mln was initially reported by PropertyEU at the start of 2008.
Netherlands-based property group Corio has announced the official acquisition of the 110,000 m2 Grand Littoral, the fourth largest shopping centre in France. The acquisition from Paris-based insurance company Macif for EUR 385mln was initially reported by PropertyEU at the start of 2008.
Corio said the shopping center in Marseilles has substantial reversionary potential, part of which can be realised in 2008. 'On top of this there are several long term development opportunities. The acquisition of Grand Littoral is a valuable addition to Corio's portfolio,' the company said in a statement.
The shopping centre's primary catchment area is estimated at 600,000 people, with a larger 'influence zone' of 1.6 million people. Grand Littoral currently attracts 13 million visitors per year, resulting in sales over EUR 350mln. The net initial yield will amount to 4.35% at year-end 2008, including indexation and completion of reletting of the fourth zone which reopened in October 2007, Corio said.