Shopping centre REIT Klépierre has announced that its partner to acquire the 90,000 m2 O'Parinor centre in Paris from Hammerson is Tikehau Capital's Sofidy.
PropertyEU reported in November that Klépierre had teamed up with an equity partner to make its first new major shopping centre acquisition for a number of years.
The acquisition from Hammerson and National Pension Service of Korea (NPS) is believed to have been at a price of circa €200 mln, a yield close to 10%.
Sofidy has signed an agreement to acquire a 75% stake in the asset in north eastern Paris, with Klépierre owning 25%. The closing is imminent.
Klépierre will manage the shopping centre and Sofidy will manage the companies involved.
Tikehau, which is listed on Euronext and invests in private equity and private credit as well as real estate, bought Sofidy in December 2018 to expand its portfolio of real estate funds and its know-how in the sector. Tikehau had €40 bn of alternative assets under management as at 30 September 2023.
In real estate, it launched a value-add fund in 2018 which has been targeting retail. Among its acquisitions are the 190,000 ft Nicholsons Centre in the affluent UK south eastern town of Maidenhead and The Walnuts, a 22,500 m2 centre in Orpington, Kent.
Hammerson and NPS had been seeking €300 mln for O'Parinor and the sale to Sofidy and Klépierre comes at the third attempt to offload it. The vendors reappointed Cushman & Wakefield and Knight Frank to handle the sale, receiving a number of bids last July.
In 2011, when NPS increased its stake in O'Parinor, it paid €106 mln for 24%.
There are about half a dozen major shopping centres up for sale around Europe, with would-be vendors encouraged in attempts to sell by improvement in income streams. See Malls in the Shop Window as Retail Rebounds.
