Euronext-listed property company Banimmo finalized on December 3rd a new acquisition in the retail segment in France for EUR 12.6 mln. The acquisition relates to 2 units of 12,000 m² that are part of a retail center in Ile-de-France. The return of this acquisition (costs included) amounts to 11.5% and the operation will generate a recurrent income of EUR 1.450.
Euronext-listed property company Banimmo finalized on December 3rd a new acquisition in the retail segment in France for EUR 12.6 mln. The acquisition relates to 2 units of 12,000 m² that are part of a retail center in Ile-de-France. The return of this acquisition (costs included) amounts to 11.5% and the operation will generate a recurrent income of EUR 1.450.
The Art de Vivre centre is located in Eragny, along the highway A15 on the West of Paris and comprehends a total surface of 42,000 m2. It is situated on a very busy axis and groups almost 45 brands of which the most known are Planet Saturn, Toys’R, Sport 2000, Marionnaud, Sephora, Castorama,'
The acquired surfaces are rented to Castorama. The possible departure of this tenant would represent an opportunity to reposition the existing surfaces in order to created a Mall dedicated to retail units with a higher added value. In the other case, the cash-flows would be assured for the long term.
Banimmo finalises its 2010 investment program with this acquisition, having almost reached its objective of EUR 100 mln after having focused in 2009 predominantly on asset sales.