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Corio acquires Factory Outlet Marques Avenue Cholet in France


WEBWIRE –

Utrecht, 23 March 2006

Corio has acquired the centre ‘Marques Avenue’ in Cholet/La Séguinière, which is the only factory outlet centre in the western region of France. It has been developed by ‘Marques Avenue’ and is up and running since October 2005. The centre with a total lettable area of 7,083 m2 has further extension possibilities. This acquisition for an amount of € 26 million will immediately contribute to the direct result of Corio.

This centre is the only factory outlet in the western region of France. It is located in the town of Cholet/La Séguinière, in the heart of a wealthy region, at 60 kilometres from major agglomerations like Angers or Nantes. The catchment area of the centre has approximately 4.6 million inhabitants within a 150 kilometres radius and will also benefits from the proximity of the Vendée region, which attracts over 5 million tourists each year. Consumers are willing to travel such a distance considering the advantages of a factory outlet centre. The town of Cholet/La Séguinière is well known in the region as a factory outlet site as a result of 10,000 m2 of various already existing factory outlet units. This new centre will considerably reinforce the attractiveness of the zone. The site has further potential extension possibilities; a second phase of 3,000 m2 is currently under development.

The factory outlet centre with a lettable area of 7,083 m2 divided over 34 units is let to well-known French and international fashion brands and sportswear, household goods and a restaurant enlarge the offer. The centre has been acquired for € 26 million (including costs) and will immediately contribute to the direct result of Corio.

An agreement has been signed with Marques Avenue for the management and the letting of the project for a five years period. Marques Avenue is the French leader in factory outlet centres and already manages seven centres in France.

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