Klepierre's listed subsidiary Klemurs has acquired a portfolio of 77 retail outlets across France from French property company Fonciere Montel and retail footwear group Vivarte for EUR 104mln. The transaction, which was first agreed in December 2007, involves a total 87 outlets to be purchased this year, of which Klemurs has now been transferred ownership of 77. The deal reflects a net initial yield of 5.68%.
Klepierre's listed subsidiary Klemurs has acquired a portfolio of 77 retail outlets across France from French property company Fonciere Montel and retail footwear group Vivarte for EUR 104mln. The transaction, which was first agreed in December 2007, involves a total 87 outlets to be purchased this year, of which Klemurs has now been transferred ownership of 77. The deal reflects a net initial yield of 5.68%.
The properties provide total retail floor area of 66,250 m2 in locations throughout France. Klemurs said that 68 of the assets are owned outright, seven are under property finance leases, and two are under construction leases. They will generate EUR 6.1mln in net rents over the full year. The acquisition brings to 264 the number of retail assets owned by Klemurs, for a total value of around EUR 576mln.
Klemurs said that 10 additional assets are to be acquired after completion of the due diligence, by end-year 2008 at the latest, while 25 other retail outlets currently under development will be bought within 2009. Additionally, Klepierre said it has signed new leases with Vivarte, the retail group that operates Défi Mode (67 outlets), La Halle aux Vêtements (one outlet) and La Halle aux Chaussures (one outlet), for a term of 12 years.
