L’Hippodrome, Toulouse, France

Background and Opportunity

• Purchase of a 3 hectare site on the western ring road in Toulouse for development of a new retail park
• Planning eventually achieved for a 16,500m² retail park after considerable local opposition

Transaction Progress

• Pre-lets achieved with Casino for a 3,500m² supermarket and Decathlon for a 5,000m² sports store
• The project was forward sold to a financial institution prior to the start of construction

Current Status

• Completion was achieved in Q3 2016
• The JV received its consideration in stages as the project progressed