Henderson Global Investors' property business, on behalf of Warburg Henderson's RZVK-Immo-Fonds, has agreed to equity fund a 18,206-m² prime standalone retail unit in Creil, France.
The unit forms part of an established retail warehouse park development in Saint-Maximin, Creil, which is located in close proximity to the Paris region, some 60 km to the north of Paris in the Oise department of the Picardie region.
The retail area - ZAE 'Les Haies - Creil Saint-Maximin' was created in 1969, and is the most important and dynamic regional retail area for the region. Boasting a proven and successful trading history since opening, the area includes more than 160 large area stores of which more than 70% are let to national retailers.
Development will be undertaken by JMP Expansion and marks the first milestone of further developments that the firm expects to undertake.
The project is fully pre-let to Castorama on a 12-year contract. The retailer has already been trading in Creil for 20 years but from Q1 2012, will occupy the new concept unit which will meet its latest requirements.
Ara Adjennian, Senior Portfolio Manager for Henderson Property, France, said: "In keeping with the surrounding scheme, this retail development aims to provide a high quality unit which not only reinforces the retail offer of the ZAE, but also provides the occupier with a first class, business environment, at the heart of this thriving retail area.
"The development site enjoys a superb location with excellent regional and local access. The zone benefits from a very good catchment area of more than 400,000 inhabitants with strong forecasts for demographic growth. In addition, Castorama represents a strong anchor tenant and immediately adds value to the site."
Source: Henderson Global Investors