TOULOUSE, FRANCE-Dutch listed shopping center developer Corio has acquired 75% of the shares of the factory outlet development Moulin de Nailloux in the Toulouse region of southwest France for $60.5 million, a net yield of 8.4% for the first phase.

The remaining shares are owned by local developer COGEP but Corio has an option to acquire this 25% at market value after six years. Phase one of the project is expected to open in 2011, and the project will be part of Corio’s fixed committed pipeline. Total gross leasable area for phase one and two is slated at 332,600 square feet, and at completion of both phases Moulin de Nailloux will have 125 shops. Leasing has already started, and currently 21% of leases have been signed while another 12% are subject to signed heads of terms.

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