Immochan, the real estate arm of French retail giant Auchan, has sold a portfolio of 22 retail galleries in France to a fund managed by asset manager Primonial REIM for €125 mln, including taxes.
Immochan, the real estate arm of French retail giant Auchan, has sold a portfolio of 22 retail galleries in France to a fund managed by asset manager Primonial REIM for €125 mln, including taxes.
The properties, distributed across 15 municipalities in France, provide nearly 80,000 m2 of space multi let to a total of 245 tenants including national retailers such as Body Minute, Chaussea, Flunch, Jules, Kiabi, La Halle, Marionnaud and Nocibé.
The package consists of retail galleries adjacent to Auchan hypermarkets in Bar-le-Duc (55), Beauvais (60), Calais (62), Coignières (78), Macon (71), Noyon (60), Perols (34), Woippy (57) et Viry-Noureuil (02), as well as retail parks in Avignon (84), Brétigny-sur-Orge (91), Leuville-sur-Orge (91), Maurepas (78) and Savigny-le-Temple (77).
Immochan said the sale is in line with its strategy to invest in development projects in France and in Europe, where the company is currently developing some 20 projects for a total investment of €500 mln in the next two to three years.
DC Advisory and law firm Thibierge & Associés advised Immochan France. Law firms Allez & Associés, LPA and White-Stone acted for the buyer.
