Acquisition of Villebon 2, one of the most successful retail parks in Ile-de-France
Following the signing of the pre-contract on 8 January 2016, Frey has announced its acquisition from the Hammerson group of assets comprising the “Villebon 2″ retail park in Villebon-sur-Yvette in Essonne (91), for the sum of €159 million. This transaction was part of a partnership with two major French institutional investors: Crédit Agricole Assurances and ACM Vie SA, a subsidiary of Groupe des Assurances du Crédit Mutuel.
An acquisition in partnership
This transaction was part of a new club deal initiated by Frey. The investment structure includes Crédit Agricole Assurances and ACM Vie SA for 47.5% each and Frey for 5%. Frey will be responsible for the management, renovation and development of the assets acquired.
Frey to launch the renovation of the site
Opened almost 30 years ago, the retail park has undergone several extension phases in 1998, 2001 and 2005, and now needs to be redesigned as a single, coherent whole.
Frey, a renowned leader both in the development of new-generation retail parks combining shopping and leisure and for its out-of-town commercial regeneration projects (Troyes, Strasbourg and Montpellier), will be responsible for renovating the site to improve the customer pathway and experience, both for pedestrians and motorists. Work is set to commence in the coming months.
Over €300 million in acquisitions since the start of 2016
Following the acquisition of a portfolio of retail park assets last February (carried out via FREY RETAIL FUND), the amount of Frey’s acquisitions as part of partnerships with major institutional investors now stands at more than €300 million.
Taking this operation into account, the Frey Group manages a portfolio (excluding stamp duty) of €850 million. This portfolio comprises buildings owned by Frey and those owned as part of partnerships.
“Villebon 2”: one of the most successful retail parks in Ile-de-France
Inaugurated in 1988, the “Villebon 2” retail park is one of the largest and most dynamic retail hubs in Ile-de-France. With a catchment area of more than 640,000 inhabitants, the site benefits from the draw of the Auchan hypermarket, whose mall is currently being extended.
The retail park covers 47,500 m2 of retail space, with 45 stores and 1,850 parking spaces. 90% of the site is taken up by national brands, including Fnac, Darty, Decathlon, C&A, Kiabi and Toys “R” Us. The site generates annual sales of close to €220 million.
Opened almost 30 years ago, the retail park has undergone several extension phases in 1998, 2001 and 2005, and now needs to be redesigned as a single, coherent whole.
Frey, a renowned leader both in the development of new-generation retail parks combining shopping and leisure and for its out-of-town commercial regeneration projects (Troyes, Strasbourg and Montpellier), will be responsible for renovating the site to improve the customer pathway and experience, both for pedestrians and motorists. Work will commence in the coming months.
As part of this project, the acquisition structure was assisted by Crédit Agricole CIB, DE PARDIEU BROCAS MAFFEI AARPI (Guillaume Rossignol and Eric Muller) and Haussmann Notaires (Olivier Trichet) and Frey was assisted by FONTAINE MITRANI AARPI (Frédéric Fontaine).