MAB Development, the real estate development subsidiary of Rabobank, has agreed to acquire the Roppenheim outlet centre development site in Alsace, France.

MAB Development, the real estate development subsidiary of Rabobank, has agreed to acquire the Roppenheim outlet centre development site in Alsace, France.

The vendor is Freeport, a Carlyle real estate portfolio company and a leading developer and operator of outlet malls in Europe. The financial details of the transaction were not disclosed.

Since acquiring the 16-hectare plot in February 2008, Freeport subsequently achieved planning permission for a 23,000 outlet mall and pre-let over 30% of the space to major international designer brands. MAB Development aims to continue the ongoing phases of construction and on completion, due in mid 2011, it will become a major retail centre for the region, creating over 600 jobs.

Iestyn Roberts, CEO of Freeport, said: 'Since Carlyle acquired Freeport in 2007, we have experienced growth at our existing centres and are now positioning the business for further expansion, as European economies begin to recover. As the initial developer at Roppenheim, we have undertaken a number of significant value accretive activities, including achieving full planning permission for the site and pre-leasing over 30% of the space to major international retail brands.

'We continue to make strong operational progress across our malls in Sweden, Portugal and the Czech Republic, reflecting the counter-cyclical qualities of outlet shopping centres. We are experiencing growth in footfall and in spend per consumer, which is driving strong performances at these centres.'


Marc Vaquier, Managing Director of MAB Development France, said: 'Roppenheim offers us an opportunity to own and develop a major European outlet shopping centre, which benefits from a strategically important location which is already attracting major international tenants. We will continue to progress with the development, based on the existing approved plans, with construction expected to commence beginning 2010.'

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