Klépierre recently signed an agreement to acquire 60% of the Massalia Shopping Mall investment company set up to develop the Prado shopping center, a 23,000-sq-m shopping center located in the heart of Marseille, France’s second largest city. Together with a privately-owned real estate investment vehicle, the French company is buying the project from Doughty Hanson & Co Real Estate.
Laurent Morel, Chairman of the Klépierre Executive Board, states: “The Prado shopping center is a landmark project ideally located in Marseille, a major city that is currently undergoing a cultural and urban renaissance and that offers significant economic and demographic growth prospects. With the building phase ready to start, the committed presence of Galeries Lafayette as the premium tenant occupying a third of the space and the highest architectural standards, the Prado already unites all the criteria required for a successful development. It is a great example of our development strategy of focusing on projects that combine high short-term visibility with very decent expectations of return.”
CLOSE TO THE VÉLODROME STADIUM
The scheme center will be located close to the Prado roundabout, in the heart of the most affluent area of Marseille, adjacent to the iconic, recently renovated Vélodrome Stadium and close to the beaches. In addition, the location enjoys an un-paralleled connection to public transportation, with a multimodal transport hub encompassing the metro network, 13 bus lines, and a tunnel linking the city’s three main motorways. It is also part of a larger urban infra-structure scheme in this southern district that includes residential, office, and hotel developments.
The center is expected to occupy the leading premium retail position in Marseille. A lease with a nine-year set period was signed in July 2014 with Galeries Lafayette, a premium anchor tenant that will open a four-floor, 9,400-sq-m GLA flagship store. A number of quality international retailers are expected to join the Prado shopping center, attracted by the affluent and dense catchment area.
COMPLETION IN THE SECOND HALF OF 2017
With all prerequisite authorizations, building permits, and retail licenses already granted, the building phase of this project will start this month, in the prime area of Marseille’s affluent eighth district. The work will be carried out by an affiliate of the Bouygues Group (Cirmad). This development is scheduled for delivery in the second half of 2017.
Benoy, one of the world’s preeminent retail architecture firms, whose past landmark projects include Westfield in London and Bullring in Birmingham, has been selected to design the project alongside the Rogeon studio. The retail space will be arranged around an attractive setting that maximizes customer attraction and flow. It will be topped by a spectacular green roof and a glass canopy, illustrating the sustainable aspirations of the scheme and continuing the green tradition of the surrounding neighborhoods.
Prado has been designed to achieve a BREEAM “excellent” environmental certification and will also be the first Cradle to Cradle®-inspired shopping mall in France, with a strong emphasis on eco-friendly and recyclable materials.