In accordance with the partnership agreements announced last June, Altarea and Crédit Agricole Assurances have finalized their partnership relating to the creation of the Alta Infrastructures fund specializing in retail in European stations. On this occasion Altarea sold 49% of the companies operating the retail concessions for Gare Montparnasse and 5 stations in Italy (Milan, Turin, Rome, Padua and Naples). These assets represent a combined area of 42,000 m2, and will generate 24 million euros in gross annual rental income net of royalties to rail operators. The portfolio of stations welcomes more than 130 million visitors per year.
The operation highlights Altarea’s know-how as a developer and manager of retail space in partnership with rail operators. Station businesses are growth vectors thanks to the development of the rail sector in France and Italy. The fund will benefit from an investment relating to the development of varied brands and a flow of captive consumers. Altarea will continue to provide asset management for these assets.
Through this operation, CAA is strengthening the diversification of its portfolio of commercial assets, and constitutes a vehicle for conquering and developing trade in synergy and support for the reconfiguration of European transport hubs.