Immochan, the real estate company of the Auchan Group, which is managing two shopping centres in Romania (Auchan Pitesti and Auchan Titan-Bucharest), has set up a Romanian subsidiary, following the appointment of a Real Estate Manager and the kick-off of its first owned projects.

Auchan Group’s property management subsidiary Immochan has announced the acquisition of Simon Property Group’s 49% intrust in the joint venture, Gallerie Commerciali Italia S.p.A. (GCI) in Italy. The transaction, which closed on 9 January 2012, raises Immochan’s stake in GCI’s capital from 51% to 100%. GCI currently operates 46 shopping malls, totalling 2,100 retailers and more than 500,000 square metres of rental space (GLA).

In 2009-2010, Immochan reaffirmed its positions and continued to develop both at home and abroad. The company, that opened its 300th shopping centre worldwide in April last has managed to maintain increased revenues (+4.9 % in 2009), thanks to, in particular, regular development (92,000 m2 of shops created in 2009) and the action taken to enhance the attractiveness of its sites. This strategy is now allowing Immochan to reinforce its presence internationally with almost fifty projects underway including 30 or so in the Chinese market. Immochan has forged an identity as a responsible commercial property developer who is also committed to the principle of environmental quality programmes. Environmental quality criteria are now the guiding principles when thinking about new shopping spaces.

Auchan-Immochan inaugurated their 300th Shopping centre worldwide on the 8th April last, in Zhenjiang, CHINA. It is China’s 36th Shopping centre and is located in the Jiangsu province. It has 6,800 m² of GLA1 sales area, 64 shops and a 10,145 m² Auchan hypermarket.

On the occasion of the MAPIC 2009 fair, Immochan (stand R31.01) presents 51 projects of shopping centres, among which 31 worldwide. In a global context of slowing down on the commercial real estate market, Immochan managed to maintain its progression : dynamic of renovation and extension of the present sites to meet the new stakes ; dynamic of creation of new multi-format sites in 2008 and 2009 ; constant reinforcement of professionalism of the Immochan teams distinguished by 3 awards this year.

Alegro Alfragide, one of our Portuguese shopping centre, won the award for “best commercial real estate project of the year”. Opened in 1988 as the jumbo shopping centre, Alegro Alfragide is the result of a huge extension – refurbishment expansion completed in November 2007. Built on 2 levels, it comprises a 38 458 sqm sales area and 122 shops. Signed by the famous Mario Sua Kay office, the Alegro Alfragide’s architectural concept combines light, aesthetic graphic and shimmering colors everywhere.