Carmila Acquires Grand Quetigny Shopping Center for €45M
Carmila, the commercial real estate company, has signed an agreement to acquire Grand Quetigny, the main shopping hub in southern Dijon, for €45M (including transfer fees). This acquisition is expected to yield an immediate return higher than the group's investment criteria and significantly contributes to the annual acquisition goal of €100M.
A 13,650 sqm Center in a Growing Market
The Grand Quetigny shopping center, purchased for €45M including all fees, spans 13,650 sqm. Located in the south of Dijon, it is anchored by a Carrefour hypermarket and serves as a major retail hub for an area experiencing demographic and economic growth. The site hosts 66 tenants with average sales reaching about €6,000 per square meter, reflecting robust commercial activity. The occupancy rate stands at 90%, while the tenant rental charge ratio remains moderate, indicating room for rental revaluation. These characteristics meet the group's strict criteria for local dominance and real estate transformation potential.
Superior Immediate Yield and Value Creation Levers
Carmila highlights that this transaction generates an immediate yield 'significantly higher' than its usual investment criteria. The deal is expected to increase earnings per share by approximately 1% on a full-year basis. The group plans to create value in the short to medium term through restructuring the rental portfolio, optimizing the commercial mix, developing specialization (pop-up stores), deploying innovative Retail Media solutions, and activating Next Tower's 5G towers. The center also aims to achieve a 'Very Good' BREEAM-in-Use certification.
Progress Toward Annual Acquisition Target
This operation represents a significant contribution to Carmila's annual acquisition target of €100M. It fits into the group's selective strategy, favoring major assets with robust immediate yields combined with identified short and medium-term value creation mechanisms. Marie Cheval, CEO of Carmila, commented on the transaction by highlighting the group's targeting of 'major assets with strong attraction power and dense catchment areas, where our real estate platform can generate solid organic growth.'
