Klepierre, Icade in EUR 400m mixed-use project near Paris

French property companies Icade and Klépierre Ségécé are investing EUR 400 mln to develop the Millénaire regional shopping centre in Aubervilliers, north of Paris.

Located just a few metres from Porte d'Aubervilliers at the gates of Paris, the scheme will contain 130 shops over 56,000 m² of gross lettable area with leisure facilities and services, 12,000 m² of green spaces and 20,000 m² of net office space as well as 2,800 parking spaces. The mixed-use complex is being developed on a 50-50% basis by the two developers and is due to open to the public in April 2011.

Almost a year before opening, the companies said that around 66% of the space in Le Millénaire has already been leased, with Carrefour as the anchor tenant. 'The negotiations, now at an advanced stage with Boulanger and FNAC, should be successfully completed very shortly', the companies said in a statement.

The site is being built on an area of 6.2 hectares, and is one of the pilot projects of the Certivéa High Quality Environmental retail certificate created in December 2008. It will be the first shopping centre of its size to receive the HQE and BREEAM certificates as soon as it opens.

Klépierre is a real estate investment trust specialised in retail property with nearly EUR 15 bn of assets.

Icade is a listed subsidiary of Caisse des Dépôts which operates in real estate, development and associated services in the office, business park, shopping centre, public facility, health and housing sectors.