Excerpt from MIPIM Preview– Thanks to its membership of one of the largest international retail groups — Auchan — Immochan has expanded into 12 countries, where it has already completed 18 major building and extension projects to create 700,000 sq m of shopping-mall space.
Recent openings include Zenia Boulevard in Alicante, Spain, which features 150 shops totalling 80,000 sq m. And 2013 will also see the opening of the 92,140 sq m Aquarelle mall in Volgograd, Russia and the 33,600 sq m second phase of Lomianki in Warsaw, Poland.
In addition to this organic growth, Immochan acquired seven Hungarian shopping centres in 2012 from Groupe Louis Delaize, which has made it one of the country’s leading shopping-mall owners. It also acquired Simon Property’s shares in Gallerie Commerciali Italia to obtain full ownership of the subsidiary and drive its development in Italy.
At the end of 2012, Groupe Auchan acquired 91 Real hypermarkets in central and Eastern Europe, and 13 shopping centres in Russia and Romania from Germany’s Metro Group.
While Immochan remains primarily focused on its historical-property development activity, it is now also looking at public and private investment partnerships in development and sales, joint investment, joint development, sale and leaseback, and third-party operations.
Image: ZENIA BOULEVARD Immochan 3 / Immochan’s 80,000 sq m Zenia Boulevard in Alicante, Spain