Amsterdam-listed Eurocommercial Properties has announced it is acquiring two existing shopping centres in France and Italy for a total of EUR 100 mln, reflecting a combined net yield of 6.5%.
Amsterdam-listed Eurocommercial Properties has announced it is acquiring two existing shopping centres in France and Italy for a total of EUR 100 mln, reflecting a combined net yield of 6.5%.
Eurocommercial said the shopping centres, one in Emilia Romagna, Italy, and the other in the greater Paris region, fit with the company's existing portfolio of 30 prime retail properties situated in wealthy catchments in France, northern Italy and Sweden. The shopping centres are both hypermarket-anchored galleries of approximately 10,000 m2 and 8,000 m2 respectively.
The acquisitions come shortly after Eurocommercial's decision to start the EUR 40 mln development of its shopping centre at Växjö in Sweden.
Eurocommercial Properties raised just under EUR 99 mln through an accelerated equity offering of 3.6 million depositary receipts on Tuesday to finance the acquisitions and the Växjö development.
