Henderson Fund starts €14.5 million extension to French Outlet Mall (UK/FR)

Henderson Global Investors has begun the final phase (Phase IV) of its Troyes Outlet Centre in France.Managed by Hendersons European Outlet Mall Fund (the Fund), Phase IV will complete the circuit between Phase I and III and provide over 25 additional new units within a 5,800 m² extension.Completion is expected to be Easter 2007.Once open, total floorspace at Troyes will exceed 28,800 m².

McArthurGlen, who currently manage the existing outlet mall, will project manage the development programme on behalf of Henderson.

Located approximately 90 minutes from Paris, the Troyes Outlet Centre was one of the first purpose built outlet malls in continental Europe, with the first phase opening in 1995. The center currently comprises 89 units with a comprehensive tenant mix.Retailers include Versace, Armani and Nike.

Both Henderson and McArthurGlen have received substantial interest from a number of new retailers, both from international and regional brands who have expressed a keen interest in taking space at Troyes.Henderson will make further leasing announcements in due course.

Darius Divwalla, Fund Manager of the Henderson European Outlet Mall Fund, commented: "Since opening, our mall at Troyes has firmly established itself as a premier retail destination, regularly attracting over three million people every year. Phase IV will provide the final piece of the puzzle by completing the circuit at the centre and increasing the critical mass of the center, helping it to maintain its regional dominance."

"Troyes is an exceptional example of what we can do and why Hendersons European Outlet Mall Fund is the leading specialist fund manager of outlet malls in Europe.France continues to be a key focus for us and a very important market in our growth strategy."

Commenting on Hendersons expanding European retail business, Neil Varnham, Head of Retail, said: "With consumer confidence gradually improving across Europe, there are a number of markets which are of particular interest to us at the moment.With a number active retail Funds on the continent, we are in a strong position, given our comprehensive European network, to take advantage of the substantial opportunities which are out there at the moment.We have a number of deals in the pipeline and continue to look for more."

Source: Henderson

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