Dutch listed retail investor Corio said on Thursday that it has acquired 75.8% of the Saint-Jacques shopping centre located in Metz, in the northeastern part of France, for EUR 96.4 mln, reflecting a net initial yield of 6.6%. Although the vendors cannot be disclosed, a Corio spokesperson said they are a number of wealthy French families.

In a statement, Corio said the acquisition fits with its strategy to focus on dominant shopping centres, well located in city centres with steady financial performance and upside potential.

The total shopping centre comprises 21,000 m2 of Gross Leasable Area (GLA) and 1,200 parking units in Metz, the administrative capital of the Lorraine region. With this acquisition, Corio has acquired 15,762 m2 of the total GLA and all 1,200 parking units. The remainder is owned by private co-owners and occupiers of the centre.

Opened in 1976, the shopping centre is anchored by FNAC and Auchan's Simply Market and features a total of 105 different shops over three floors. The current vacancy rate is 3.8%, that will be covered by a six to 12 months rental guarantee. Saint Jacques attracts 13 million visitors per year.