Eurocommercial finalises EUR 100m mall acquisitions

Eurocommercial announced this week that it has completed the acquisition of Centre Commercial Plaine de France in Moisselles in the Val d'Oise, Paris region, and Centro Commerciale I Portali in Modena, Emilia Romagna northern Italy, for a total cost of approximately EUR 100 mln.

Both acquisitions, first announced in November, were funded by the proceeds of the recent share placement.

The Plaine de France shopping centre is anchored by a Leclerc hypermarket which opened in 1980, whilst the most recent extension of the gallery was completed in 2007. The gallery has a gross lettable area of 10,000 m² and houses 63 shops fully-let to a range of major national and regional retailers. The Leclerc hypermarket has a sales area of 11,300 m². The acquisition price of EUR 59.1 mln, including purchase costs, represents a net yield of 6.5%.

The 7,800m² gallery of the I Portali shopping centre in Modena, Emilia Romagna in northern Italy. The centre is anchored by an Ipercoop hypermarket with a sales area of 8,300m². The gallery houses a total of 49 tenants, including Oviesse, Bata and Cisalfa.

I Portali is located on the eastern edge of the city centre of Modena, a wealthy city of 182,000 inhabitants, close to Eurocommercial’s existing properties in Imola and Bologna. Emilia Romagna is one of the main exporting regions of Italy with very low unemployment levels. The centre serves a catchment of 255,000 people.

The purchase price of EUR 40 mln reflects a net initial yield, including purchase costs, of approximately 6.4%.