Altarea

Altarea SCA, trading under the name Altarea, is a French integrated real estate company founded in 1994 by Alain Taravella and Jacques Nicolet. The group began with the development of shopping centres and subsequently expanded into a broad urban real estate platform covering retail property, residential development, offices, hotels, urban regeneration and property investment. Its activities combine the development of new projects with the ownership, investment and operation of completed assets. Commercial real estate remains central to Altarea's identity. The group has developed and operated shopping centres, retail parks and mixed-use commercial facilities in France, while also building a presence in Italy and Spain. Projects such as Bercy Village in Paris, the Family Village retail concept, QWARTZ in Hauts-de-Seine and the redevelopment of Cap 3000 illustrate its approach to combining retail with architecture, public space, services and broader urban uses. The group has also operated or invested in major commercial assets including Espace Coty, Espace Jaurès, Espace Grand’Rue, Côté Seine and a shopping centre in Sant Cugat near Barcelona. A major turning point came in 2007 with the acquisition of Cogedim, a property developer established in 1963. The transaction added residential, office and hotel development capabilities and broadened Altarea's role from a primarily retail-focused developer to a diversified urban real estate group. The combined business subsequently developed housing in major French metropolitan areas, offices, hotels, premium commercial property and large mixed-use districts. The group also took a significant stake in SEMMARIS, the company operating the Rungis International Market, thereby gaining exposure to a major wholesale food-market infrastructure asset. Altarea later expanded into digital retail through the acquisition of Rue du Commerce. It first acquired a minority stake in 2011 and took control in 2012, before selling the loss-making e-commerce business to Carrefour in 2015. This episode reflected an effort to connect physical commercial property with online retail, although the business was ultimately exited. The group's urban development portfolio has included large projects combining housing, shops, offices, hospitality, culture, public facilities and transportation-related uses. Examples include Place du Grand Ouest in Massy, the Issy Cœur de Ville eco-district, the Belvédère neighbourhood in Bordeaux, redevelopment at the Hospices Civils de Lyon site, the former telecommunications research centre site in Issy-les-Moulineaux and a major city-centre project in Bobigny. Altarea has also participated in office and hotel developments and in the renovation of buildings in Paris-La Défense and other metropolitan locations. Altarea is organized as a French société en commandite par actions and is listed on Euronext Paris under the ticker ALTA. Its performance depends on property-market demand, construction costs, financing conditions, interest rates, leasing and retail activity, housing affordability and the timing of development completions. The company is therefore best understood as a listed real estate group rather than a conventional consumer brand. Its brand represents a portfolio of property businesses and projects, with particular emphasis on integrated urban development and the long-term management or investment of real estate assets.

Altarea was founded in France in 1994 by Alain Taravella and Jacques Nicolet. Its initial business was the development of shopping centres. In 1995, it acquired Le Gerec, a property company founded in 1973 and focused on shopping-centre construction. The company also won the competition to develop Espace Coty in Le Havre, helping establish its early retail-development profile. In 1997, Altarea began work on Bercy Village in Paris's 12th arrondissement. The project sought to regenerate a historic area and opened in 2000. During the early 2000s, the group expanded its retail portfolio and introduced the Family Village concept, based on open-air, family-oriented retail environments with landscaped areas and distinctive architecture. In 2001, it established Altarea Italia and began developing its Italian activities. In 2002, it opened or completed several French retail facilities, including Espace Jaurès in Brest, Espace Grand’Rue in Roubaix, Côté Seine in Argenteuil and boutiques at Paris Gare du Nord. It also created Compagnie Retail Park to develop open-air retail parks. Altarea España was established in 2004, extending the group's activity into Spain. The acquisition of Cogedim in 2007 was a decisive expansion. Cogedim had been founded in 1963 and was active in housing, offices and hotels. Through the combination, Altarea gained a substantial residential and broader property-development platform, while retaining its commercial real estate activities. The group also acquired a significant interest in SEMMARIS, the semi-public company managing the Rungis International Market. This added a major wholesale-market infrastructure asset to its property portfolio. Altarea continued developing and renovating retail properties during the following decade. It opened or developed projects including Family Village in Limoges and the Okabé shopping centre and office complex in Le Kremlin-Bicêtre. It acquired Cap 3000 near Nice and began a major renovation and extension programme there. QWARTZ in Hauts-de-Seine opened in 2014 and received recognition for its innovative shopping-centre design. The company also expanded its commercial strategy into e-commerce: a subsidiary acquired an initial stake in Rue du Commerce in 2011, took a controlling interest in 2012 and sold the loss-making online retailer to Carrefour in 2015. The group's real estate development activities broadened further through investments and transactions involving Histoire & Patrimoine and Pitch Promotion. In 2011, it created AltaFund, an investment fund focused on office property. The group subsequently used this platform in transactions such as the acquisition and planned renovation of the Landscape building in Paris-La Défense. During the 2010s, Altarea pursued large mixed-use urban projects. The Place du Grand Ouest development in Massy combined housing, hospitality, retail, a cinema, a conference centre, parking and a preschool. Other projects included the Belvédère neighbourhood in Bordeaux, the redevelopment of the Blanchisserie Centrale site associated with Lyon's Hospices Civils, the former telecommunications research centre site in Issy-les-Moulineaux, and a major city-centre operation in Bobigny. The Issy Cœur de Ville project was conceived as an eco-district combining a landscaped park, offices, housing and shops. Altarea also participated in the development of office, hotel and premium commercial projects. Altarea is a French société en commandite par actions whose shares trade on Euronext Paris. The group's long-cycle development model exposes it to construction, financing, planning, property-demand and retail-market conditions. Its evolution from a shopping-centre developer into a diversified urban real estate company has been driven principally by acquisitions, project development and the integration of commercial, residential and investment activities.

• 2017

  Place du Grand Ouest is inaugurated

  [1]Altarea SCAen.wikipedia.org

  The Massy mixed-use development is inaugurated as a major urban construction project.

• 2016

  Expansion of mixed-use development activity

  [1]Altarea SCAen.wikipedia.org

  The group is selected for several large urban projects involving housing, offices, retail and public amenities.

• 2015

  Rue du Commerce is sold

  [1]Altarea SCAen.wikipedia.org

  Altarea sells the loss-making e-commerce business to Carrefour.

• 2014

  QWARTZ opens

  [1]Altarea SCAen.wikipedia.org

  The QWARTZ connected shopping centre opens in Hauts-de-Seine and receives industry recognition for innovation.

• 2012

  Rue du Commerce comes under Altarea control

  [1]Altarea SCAen.wikipedia.org

  Altarea increases its stake in online retailer Rue du Commerce and takes control of the company.

• 2011

  AltaFund is created

  [1]Altarea SCAen.wikipedia.org

  The group establishes AltaFund as an investment fund focused on office property.

• 2007

  Cogedim acquisition

  [1]Altarea SCAen.wikipedia.org

  Altarea acquires Cogedim, adding residential, office and hotel development capabilities.

• 2004

  Altarea enters Spain

  [1]Altarea SCAen.wikipedia.org

  Altarea España is created as the group extends its activities into Spain.

• 2001

  Altarea enters Italy

  [1]Altarea SCAen.wikipedia.org

  The group establishes Altarea Italia.

• 2000

  Bercy Village opens

  [1]Altarea SCAen.wikipedia.org

  Bercy Village opens in Paris as a retail and urban-regeneration destination.

• 1997

  Bercy Village development begins

  [1]Altarea SCAen.wikipedia.org

  Construction begins on the Paris regeneration project that later opens as Bercy Village.

• 1995

  Acquisition of Le Gerec

  [1]Altarea SCAen.wikipedia.org

  Altarea acquires Le Gerec, a company specializing in shopping-centre construction.

• 1994

  Altarea is founded

  [1]Altarea SCAen.wikipedia.org

  Alain Taravella and Jacques Nicolet establish Altarea in France as a shopping-centre and real estate developer.

Integrated French urban real estate developer, investor and operator

• commercial_real_estate · 1994

  Shopping centres

  Altarea develops, invests in and operates shopping centres in France and selected European markets. Its projects may combine retail units with restaurants, services, entertainment, public space and transport connections. Notable examples include Bercy Village, Espace Coty, QWARTZ, Cap 3000, Espace Jaurès, Espace Grand’Rue and Côté Seine.

• retail_park

  Family Village

  Family Village is Altarea's open-air retail concept, designed around family-oriented shopping, landscaped areas and distinctive architecture. The format aims to make retail parks more experiential and integrated into their surroundings rather than treating them solely as collections of stores.

• residential_real_estate · 2007

  Residential development

  Residential development became a major activity after the acquisition of Cogedim. The business develops housing in metropolitan areas and participates in large neighbourhood projects that combine apartments with shops, offices, public facilities, landscaped areas and transport infrastructure.

• commercial_real_estate · 2007

  Office and hotel development

  Through the expanded Cogedim platform and investment activities, Altarea has developed and renovated offices and hotels. Examples cited in the group's history include premium hotels, office projects and the planned redevelopment of the Landscape building in Paris-La Défense.

• urban_development

  Mixed-use urban districts

  Altarea acts as developer or operator of large mixed-use districts combining housing, retail, offices, hotels, cultural facilities, conference venues, schools, parking and parks. Place du Grand Ouest in Massy and Issy Cœur de Ville are representative examples of this integrated urban-development model.

• Family Village concept

  France

  Altarea developed the Family Village format as an environmentally oriented, open-air retail concept with green areas, distinctive architecture and a family-focused customer proposition.

  Outcome. The concept became part of the group's retail-property development portfolio.

  Source

• 2015

  Sell Rue du CommerceM&A

  Background

  Rue du Commerce was loss-making under Altarea's ownership.

  Action taken

  Altarea sold the e-commerce business to Carrefour.

  Aftermath

  The disposal ended Altarea's direct ownership of the online retailer.

  Source

• 2012

  Take control of Rue du CommerceM&A

  Background

  Altarea explored the relationship between physical retail property and e-commerce.

  Action taken

  After acquiring an initial minority holding, the group increased its stake and took control of Rue du Commerce.

  Aftermath

  The loss-making online retailer was sold to Carrefour in 2015.

  Source

• 2011

  Create AltaFundStrategy

  Background

  The group expanded its real estate investment capabilities, particularly in office property.

  Action taken

  Altarea established AltaFund as an office-property investment fund.

  Aftermath

  The fund later participated in office-property transactions including the Landscape building in Paris-La Défense.

  Source

• 2007

  Acquire CogedimM&A

  Background

  Altarea sought to broaden its activity beyond shopping-centre development.

  Action taken

  The group acquired Cogedim, a developer active in housing, offices and hotels.

  Aftermath

  The transaction created a more diversified platform spanning commercial property, residential development, offices and hospitality.

  Source

1. 1Altarea SCAen.wikipedia.org
2. 2Altarea corporate websitealtarea.com
3. 3Euronext Altarea listinglive.euronext.com