Patrimoine et Commerce
Patrimoine & Commerce is a French publicly-listed SIIC REIT that owns and operates 82 retail park assets totaling over 561,000 m² across France, leasing space to national retail chains under a "low cost" rental model, with a €930M portfolio and an over €1B growth target.
- Company typePublic
- Founded2012
- HeadquartersBoulogne-billancourt, France
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Patrimoine et Commerce does
Patrimoine & Commerce is a French real estate investment company (SIIC) listed on Euronext, specializing in the ownership and operation of retail park assets in France. As of H1 2026, the company's portfolio comprised 82 retail park assets totaling over 561,000 m² of commercial floor space and valued at €930 million, with a stated long-term objective to exceed €1 billion in assets under management. The company positions itself as the leading "low cost" retail park foncière in France, offering retailers among the most competitive rents and charges in the market as a deliberate strategy to support retailer profitability and long-term territorial anchoring.
The business operates a B2B direct leasing model targeting national and regional retail chains and brands for peripheral retail park locations. Recurring rental income is the primary revenue stream, supplemented by operating cost recoveries from tenants. The portfolio is geographically diversified across France, with regional directions supporting tenant relationships. The company is controlled within Groupe Duval, the diversified conglomerate founded by Éric Duval, and counts major institutional investors among its shareholders, including Predica (Crédit Agricole Assurances), Suravenir (Crédit Mutuel Arkéa), Banque Populaire Val de France, and Crédit Agricole Centre France, providing a stable capital base.
Operationally, Patrimoine & Commerce has been layering an environmental and energy infrastructure strategy on top of the core real estate platform since 2022. This includes an annual carbon footprint assessment aligned with the French Tertiary Decree, systematic integration of environmental annexes in leases from 2023, progressive deployment of electric vehicle charging stations, and a strategic partnership with Duval Énergies to install photovoltaic panels across 130,000+ m² of rooftop and parking canopy surfaces, targeting 28 MW of renewable capacity. The group structure includes wholly-owned subsidiary Sépric for real estate development and construction, and a jointly-controlled Duval Énergies for renewable energy activities.
Patrimoine et Commerce firmographics
Firmographics- Name
- Patrimoine et Commerce
- Legal name
- Patrimoine & Commerce
- Website
- https://patrimoine-commerce.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Patrimoine & Commerce is a French publicly-listed SIIC REIT that owns and operates 82 retail park assets totaling over 561,000 m² across France, leasing space to national retail chains under a "low cost" rental model, with a €930M portfolio and an over €1B growth target.
- Ownership category
- akta.pro rank
Patrimoine et Commerce industry classification
Industry- Product category
- Commercial Real Estate
- SIC
- Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- Retail Brokerage (BPAJABAB)
- akta.pro secondary industry
- Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)
Keywords
Where Patrimoine et Commerce is headquartered
LocationHeadquarters
- HQ city
- Boulogne-billancourt
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
Patrimoine et Commerce business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Marketing or Sales, Others
Revenue model
- Rental Income: Primary revenue stream from leasing retail park spaces to retailers and commercial tenants. Rents are positioned among the most competitive in the market as part of the low-cost model.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Patrimoine et Commerce product offering
Product offeringCore offering
Patrimoine et Commerce is a French real estate investment company (SIIC/foncière) that acquires, owns, and operates a portfolio of retail park properties across France. The company leases commercial space in peripheral retail parks to national and regional retail chains under a 'low cost' model, offering competitive rents and charges to tenants. It generates recurring rental income from its 82 retail park assets totaling over 561,000 m² of commercial floor area.
Product overview
Patrimoine & Commerce operates as a single unified product offering: a French real estate investment company (Société d'Investissement Immobilier Cotée - SIIC) focused exclusively on retail parks. The company functions as a 'yield-focused foncière' (yield-oriented REIT) with a 'low cost' business model that offers retailers among the most competitive rents and charges in the market. The company's portfolio consists of 82 retail park assets totaling over 561,000 m² of commercial space, with a property valuation of €930 million as of H1 2026. Target assets are retail parks positioned along major traffic routes with food anchors, managed to support tenant competitiveness and long-term territorial anchoring.
Differentiator
Problem solved
Functional benefit
Products and services
- Retail Park Leasing
Quantifiable outcome
- Property portfolio increased to €930 million from €909.4 million in H1 2026
- +2 more outcomes
Companies that use Patrimoine et Commerce
Customer profileNamed customers9 records
Segments1 record
Ideal customer profiles2 records
Patrimoine et Commerce technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Patrimoine et Commerce partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Duval ÉnergiesstrategicStrategic partnership for renewable energy deployment, specifically for installation of photovoltaic panels on rooftops and parking canopies across retail park properties.
Scale indicators10 records
Recent moves11 records
Expansion highlights4 records
Patrimoine et Commerce competitors and assessment
Company assessmentBroad incumbents
- Mercialys: Mercialys is a French listed REIT (SIIC) focused on shopping centers and retail real estate, with significant Casino group ties. Comparable as a French retail REIT with similar SIIC tax structure, though it focuses more on urban/regional shopping centers than peripheral retail parks.
- Altarea: Altarea is a French listed real estate group operating across retail, residential and office segments. It is comparable as a French mixed retail/real estate player with adjacent retail park and shopping center development activity, though materially larger and more diversified than P&C.
- Carmila: Carmila is a French listed REIT specializing in retail property attached to Carrefour hypermarkets across France, Spain and Italy. Comparable as a French/European retail REIT with food-anchored convenience centers, but operating at larger scale and anchored by a single grocery retailer.
- Unibail-Rodamco-Westfield: URW is a global listed retail REIT owning flagship shopping destinations across Europe and the US. Comparable as a public retail REIT competing for capital and tenant relationships, but operating at vastly larger scale and focused on premium destination malls versus P&C's peripheral retail parks.
- Hammerson: Hammerson is a UK-listed REIT owning premium retail destinations in the UK, Ireland and France. Comparable as a European listed retail REIT operating flagship destinations, but focused on premium/urban retail versus P&C's peripheral discount-friendly retail parks.
- Covivio: Covivio is a European listed REIT with diversified exposure to offices, hospitality and retail real estate including shopping centers in France and Italy. Comparable as a European listed REIT with French retail exposure, but more diversified across asset classes.
- Klépierre: Klépierre is one of Europe's largest listed retail REITs, owning and operating shopping centers primarily in continental Europe including France. It is a broad incumbent peer that competes with P&C for retail real estate capital, but operates larger enclosed malls rather than peripheral retail parks.
Regional players
- Ceetrus: Ceetrus (formerly Immochan) is Auchan group's retail property arm developing and operating retail parks and mixed-use sites across Europe. Comparable as a large retail park developer/operator with similar peripheral retail park formats and food-anchored tenant mixes, though privately held and pan-European in scope.
Direct peers
- Frey: Frey is a French listed REIT specializing in retail parks and open-air shopping centers with an "eco-responsible" positioning and a low-cost retail tenant focus. It is the most direct comparable to Patrimoine & Commerce in both asset class (retail parks in France) and tenant strategy (discount and value retailers seeking peripheral locations).
- Deutsche EuroShop: Deutsche EuroShop is a German listed REIT investing exclusively in shopping centers across Europe. Comparable as a publicly listed European retail property specialist, though focused on enclosed shopping centers rather than open-air retail parks.
Market position
Strengths5 records
Weaknesses3 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Patrimoine et Commerce social profiles
Digital presencePatrimoine et Commerce financial estimates
Financial estimateRevenue estimate
Valuation estimate
Patrimoine et Commerce leadership team
Management profileNumber of profiles
Profiles2 records
Patrimoine et Commerce subsidiaries and ownership
Company hierarchySubsidiaries2 records
Patrimoine et Commerce funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Patrimoine et Commerce M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Patrimoine et Commerce
What does Patrimoine et Commerce do?
Patrimoine et Commerce is a French real estate investment company (SIIC/foncière) that acquires, owns, and operates a portfolio of retail park properties across France. The company leases commercial space in peripheral retail parks to national and regional retail chains under a 'low cost' model, offering competitive rents and charges to tenants. It generates recurring rental income from its 82 retail park assets totaling over 561,000 m² of commercial floor area.
Is Patrimoine et Commerce a public or private company?
Patrimoine et Commerce is a public company. It is classified as public and is currently operating.
When was Patrimoine et Commerce founded?
Patrimoine et Commerce was founded in 2012. It employs 1 to 10 people.
Where is Patrimoine et Commerce based?
Patrimoine et Commerce is headquartered in Boulogne-billancourt, France, in the Europe region.
How does Patrimoine et Commerce make money?
One revenue line is on record: rental Income.
Who are Patrimoine et Commerce's main competitors?
Broad incumbents on record are Mercialys, Altarea, Carmila, Unibail-Rodamco-Westfield, Hammerson, Covivio and Klépierre. Ceetrus is listed as a regional player. Direct peers are Frey and Deutsche EuroShop.
Does Patrimoine et Commerce have an API?
No public API is recorded for Patrimoine et Commerce.
What industry is Patrimoine et Commerce in?
Patrimoine et Commerce's product category is Commercial Real Estate. Its primary akta.pro industry code is BPAJABAB, Retail Brokerage, with a secondary code of FSAEAJAB, Commercial Real Estate Brokerage (Leasing & Sales). Its SIC code is 6532.