In October Corio signed an agreement with the French developer ADIM (GTM/Vinci Group) to acquire one of the largest new-generation retail developments in France. The 76,000 m2 project will combine retail warehouses and a factory outlet; it is located in Ris-Orangis, south of Paris.
As a result of Corio’s expertise, it has been involved with the project right from the planning phase by ADIM. In October, an agreement was reached whereby Corio would purchase this project turn-key and ADIM would be responsible for the development and letting of the project.
This is a new retail concept: a retail park and a factory outlet integrated into one architecturally high-quality environment. The total lettable area is 76,000 m2, consisting of 49,500 m2 large retail units, 10,500 m2 smaller units and restaurants and a 16,000 m2 factory outlet. The factory outlet will be managed by Concepts & Distribution, the largest factory outlet manager in France, operating under the name ‘Marque Avenue’.
This project is strategically well located, at the interchange of the A6 (the motorway to the south of France towards Lyon) and the A104, the ‘Francilienne’, Paris’ second ring road. The project has high visibility and very good accessibility from these motorways. Local government supports the project. When the required permits will be received in accordance with expectations, the project will open its doors early 2008.
This addition to the portfolio fits very well with Corio’s strategy. Corio is aiming with its local management organisations to increase its retail presence in Corio’s four home markets (the Netherlands, France, Italy and Spain).