Rodamco Europe has strengthened its position as a major investor in retail in France by agreeing to acquire the Docks Vauban, a shopping and leisure center to be build in the Le Havre harbour area. Vinci Immobilier and ING Real Estate Development have signed an agreement with Rodamco to sell the project for an amount of €97 million.
The Docks Vauban in Le Havre
The former Le Havre docklands will be entirely renovated and developed into a 66,000 square meters retail and leisure center including some cultural facilities. Based on the purchase price of 97 million the expected initial yield is approximately 6.5%. At this moment of time 50% of the total retail area has already been pre‐let to tenants such as Gaumont, Planète Saturn, Baobab, H&M, La Grande Récré, Plein Ciel, Pizza Del Arte, la Cure Gourmande.
The developers have retained Vinci Construction to be in charge of the renovation and refurbishment works, which have already started. Completion is scheduled for late 2008.
Note: Rodamco and Unibail together