Unibail-Rodamco opens refurbished Les Quatre Temps mall

Unibail-Rodamco celebrated the opening ceremony this week of new areas in Les Quatre Temps shopping centre at La Defense, near Paris. After four years of extensive refurbishment of the mall, the Dutch-French property group said 15,000 m² of new retail space has been added to Les Quatre Temps, France's second largest shopping centre in terms of size and sales.

Representing an investment for the company of EUR 155mln, the revamp plan of Les Quatre Temps is expected to boost revenues to about EUR 900mln this year, Xavier Ramette, director of the centre told journalists in Paris. After the launch of the redevelopment plan in 2004 the tenants in the shopping centre have seen an increase in revenues of 5%-10% in average to EUR817mln last year.

Unibail-Rodamco CEO Guillaume Poitrinal described Les Quatre Temps as 'a new agora of pleasure in the city'. The 130m² shopping centre, which makes up for more than half of the 200,000m² of retail space at La Defense, consists of 230 stores on four levels, among which 12 large specialised stores such as a DIY Castorama store and Virgin. About 30,000 m² of the shopping centre is for leisure, including about 40 restaurants at Le Dome area.

Les Quatre Temps, which features new brands such as the Japanese Uniqlo, also includes a 11,500 m² hypermarket and a 16-screen UGC Ciné Cité cinema inaugurated in 2006. About 33 million visitors were welcomed in the fully-let mall last year. Unibail-Rodamco owns a 60% stake in Les Quatre Temps, while Redevco owns another 20% and AXA REIM, Credit Lyonnais, and CNP Insurance are smaller investors in the scheme.

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