French property company Klemurs, part of the Klepierre group, has completed the acquisition of 21 retail stores in France operated by the King Jouet group. The transaction volume of EUR 18.3 mln reflects an initial yield of 8.2%.
French property company Klemurs, part of the Klepierre group, has completed the acquisition of 21 retail stores in France operated by the King Jouet group. The transaction volume of EUR 18.3 mln reflects an initial yield of 8.2%.
Klemurs originally signed an agreement to buy 23 stores with the founders of Teddy Toys, which was subsequently taken over by King Jouet. Twenty of the stores acquired by Klemurs operate under the King Jouet logo, and one under the Joupi flag. The acquisition of another store was postponed to 2009, while one was removed from the sale agreement.
The assets are located throughout France in retail park-type areas located just outside mid-sized cities in the French provinces. In all, the stores represent a gross lettable area of 17,541 m3 and generate EUR 1.5 mln in rent annually.
Klemurs now owns and manages 27 stores operated by the King Jouet group. In total Klemurs owns 301 retail assets covering a GLA of 227,696 m2.
