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

Corio said the Toulouse agglomeration, the fourth largest Frenchcity in population size, has 1.1 million inhabitants. Nationalstatistic institute INSEE anticipates a 22% increase in populationin the next 20 years. Total catchment area – within 90 minutes - is2.3 million people, while it has no nearby competitors. The closestfactory outlet is in Bordeaux about 186 miles away.

AllanSaundersonis a managing editor of Property FinanceEurope and a contributor to

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