Altarea Cogedim sells retail park for EUR 21m

French retail specialist Altarea Cogedim has signed the deed of sale for the Parc des Bouchardes retail park in Crêches-sur-Saône to Ascencio, a closed-end real estate investment fund (SICAF) specialising in retail warehouses. The investment volume of EUR 21 mln reflects a yield of about 6%.

Opened in spring 2009, the Parc des Bouchardes retail park offers 11,618 m² of space across 18 stores. The site's main retailers include C&A, Casa, Esprit, Jennyfer, King Jouet, La Halle aux Chaussures and Orchestra. With around 700 parking spaces, the centre forms part of the leading out-of-town shopping district of the Mâcon-Sud region, alongside the Carrefour hypermarket and its shopping mall, in a catchment area of 180,000 people.

'The sale of this retail park for more than the appraisal value demonstrates the relevance of our strategy in this area,' said Alain Taravella, chairman and founder of Altarea Cogedim. 'This sale fits in with the active asset management policy we are pursuing across our entire portfolio, entailing the renovation and extension of existing properties, as well as arbitrage operations relating to mature properties. These programmes allow us to finance our expansion and maintain our rate of growth,' he added.