Rodamco Europe has made 3 retail investments for a total amount of EUR 44 million in France, with a net initial yield of 6.7%. Taken into account the recently announced disposal of an office building on Boulevard Haussman, Paris, the total portfolio of Rodamco Europe in France amounts to EUR 1.043 million of which 87% is invested in retail.
Rodamco Europe has signed a preliminary agreement with a co-owner to acquire an additional part of the existing shopping centre Parly 2 in Paris, comprising about 3.700 mÂ² of retail space. Parly 2 is a superregional shopping centre of 87,000 mÂ², on a dominant location in the western part of Paris, where it benefits from a wealthy trade area and a high sales/mÂ² ratio. Rodamco Europe owns 94 retail units (17,893 mÂ²) in this centre since 1994. With this acquisition Rodamco Europe reinforces its interest in this very successful shopping centre and controls 85% of the shops in the original mall.
In addition, Rodamco Europe acquired two development projects in retail parks located in the Paris suburb Plaisir, and in Bordeaux, which represent 3,900 and 5,000 mÂ² respectively. These two projects are located in prime retail areas and are fully let. The first one was delivered in June, the second one is scheduled for delivery in December 2002.
(source: Rodamco Europe)