Immochan Sells the Kirchberg Mall in Luxembourg
31.05.2013 614 views
In-line with changes to its development strategy, opening up to public or private investors, and following on from the partnership of January 2013 concluded for the sale of 7 commercial assets in France with a leading investor, Immochan has announced the sale of the KIRCHBERG mall in Luxembourg.
The KIRCHBERG shopping mall opened in 1996, was extended and renovated in 2009, and represents a 12,500 m² GLA and 70 shops. The gallery is located alongside a 13,500 m² Auchan hypermarket, leader on the Luxembourg market. In the context of this transaction, Immochan will retain a 20% interest in the company and continue to manage the site via a management mandate.
This outsourcing operation is part of Immochan's ambitious expansion strategy, which includes plans to create and extend shopping centres representing a total of approximately 700,000 m² and more than 2 billion euros investment over 3 years. The first stone laid at Saisons de Meaux (France - 65,000 m²), and recent openings in Russia (Aquarelle shopping and leisure centre, 92,000 m² - Volgograd) and in Poland (Lomianki, 33,600 m²) reflect this aim to accompany Auchan worldwide.
This sale confirms the partnership concluded in January and reflects Immochan's drive to maintain sustainable relations with targeted investors.
Source: Auchan Group