French listed commercial property company Carmila has finalized the purchase of a 7% stake in French shopping centre operator Galimmo for €27 mln, or €11.93 per share.
This acquisition, made possible by exercising a put option granted to Capimmo, managed by Primonial REIM France, brings Carmila's total ownership of Galimmo to 99.8%.
To achieve full control, Carmila plans to launch a tender offer for the remaining Galimmo shares in the coming weeks, followed by a squeeze-out. The offer price will be at least €11.93 per share and will be determined in accordance with legal and regulatory requirements.
On 2 July, Carmila completed the purchase of a 93% stake in Galimmo for €272 million, or €9.02 per share, a transaction fully financed in cash. This deal, originally announced in July 2023, coincided with Carrefour's acquisition of Cora France.
Established in 2016, Galimmo owns and operates 52 shopping centers in France, all anchored to Cora hypermarkets. As of 31 December 2023 the portfolio was worth €675.3 mln.
For its part, Carmila owns and manages 208 shopping centers adjoining the Carrefour stores in France, Spain and Italy.
