Immochan, the property arm of French retail giant Auchan, has completed a number of sales as part of its strategy to divest non-core assets and raise equity to finance its development pipeline.
Immochan, the property arm of French retail giant Auchan, has completed a number of sales as part of its strategy to divest non-core assets and raise equity to finance its development pipeline.
Immochan has sold the Bérégovoy retail park to the Shopping Property Fund 2 OPCI investment fund managed by BNP Paribas REIM France.
The asset, located adjacent to the Mistral 7 shopping centre in Avignon, was delivered in 2010 and provides a total of 13,000 m2 of space across 12 units. Major tenants include C&A, Intersport and Kiabi.
Separately, the company has announced the sale of a portfolio of four retail assets to Fiducial Gérance. The properties, located in the suburbs of Nice La Trinité, Aubagne, St Jean de la Ruelle and Castres, offer 9,500 m2 of retail space and generate an annual rent of over €1.5 mln.
The company did not disclose the financial details but said that the deals generate a return of over 7%.
Immochan France was advised by DC Advisory and law firm Thibierge & Associés.
