Immochan, the real estate arm of French retail giant Auchan, is seeking co-investors for some of its assets in a bid to finance a massive development pipeline across Europe
Immochan, the real estate arm of French retail giant Auchan, is seeking co-investors for some of its assets in a bid to finance a massive development pipeline across Europe
Immochan, the owner of 2 million m2 of mall space anchored by hypermarket chain Auchan, is taking a more visible position in the European property industry as part of a quest to raise funds for new developments. The retail property landlord, which is fully owned by Auchan, will make its first appearance ever at Mipim this year to market a number of completed projects and operating shopping centres.
‘We are looking to sell mature assets with a real footfall record and to find partners for new developments,’ Chief Executive Eric Deleplanque told PropertyEU.
The move is part of a new strategy launched by the group in 2013 which aims to raise capital to finance the company’s 700,000 m2 development pipeline, Deleplanque said. ‘We will be at Mipim to meet investors and discuss a potential collaboration. This really is a new approach for us, reflecting a new Immochan.’
The company will be looking to sell majority interests in a few existing malls, with a view to retaining a minority stake of the property along with the property and asset management contract. The French manager declined to provide details of the total portfolio earmarked for sale but said it will involve a mix of mature properties and new projects.
Click the link below for the full interview with Eric Deleplanque, CEO of Immochan (Premium Content)
