French commercial property group Altarea said that it has signed a preliminary agreement to sell the Espace Saint-Georges shopping centre in Toulouse, France to German open-ended fund manager Commerz Real for EUR 90 mln.
French commercial property group Altarea said that it has signed a preliminary agreement to sell the Espace Saint-Georges shopping centre in Toulouse, France to German open-ended fund manager Commerz Real for EUR 90 mln.
Alterea has fully refurbished Espace Saint-Georges in a redevelopment programme carried out between 1999 and 2006. The scheme offers 13,000 m2 of gross lettable space and 1,326 parking spaces. Altarea will retain the management of the asset on behalf of Commerz Real.
'The sale is part of our disposal strategy for mature property. It is a way for us to unlock the capital of our mature properties and re-invest it in new, large projects,' said Alain Taravella, CEO and founder of Altarea.
