News

9 / July / 2021


Costco opens its second French centre at 'Les Quatre Chênes'

DTZ Investors REIM, acting on behalf of an OPCI it manages and advised by DTZ Investors France, has successfully negotiated a long-term lease with Costco France.  The international retailer's will open its second French operation in the "Les Quatre Chênes" shopping centre located in Pontault Combault (Seine-et-Marne, east of Paris). Costco will open in November.

 

Costco, which is already present in France with a site in Villebon-sur-Yvette, is continuing its development in France thanks to DTZ Investors.

 

The arrival of COSTCO will give added impetus to the current repositioning of the project.

 

The letting is in fully in line with DTZ Investors’ strategy of repositioning the Quatre Chênes.  DTZ Investors intends to continue developing its activity in the retail asset class.

 

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The OPCI (French REIT vehicle) O'REA has owned the Quatre Chênes shopping centre in Pontault-Combault (east of Paris) since 22 December 2010.  The centre is located within a wider dedicated retail zone with 44,800 m² of retail space.

 

DTZ INVESTORS took over the management of the centre at the end of 2017.

 

At the time, the site was not very attractive, with the LECLERC hypermarket (8,000 m² of sales area) not fully playing its role as anchor tenant, which resulted in a high tenant turnover and a rising vacancy rate.

 

An in-depth analysis of the site was carried out in 2018 and a project to reposition the site was launched in 2019 in order to correct the design flaws in the project and revitalise the letting of vacant space.

 

This project, implemented at the beginning of 2021, has made it possible to replace LECLERC with the American chain COSTCO (715 warehouse clubs worldwide), which will eventually develop 10,300 m² of sales space.

 

Thanks to this letting and other recent signings, the vacancy rate in July 2021 is 6.25% (down from a peak rate of 40%).

For more information contact Gregory Flash and Jean Blondel