Klépierre buys Toulouse mall for EUR 97m, sells 3 assets

French retail specialist Klépierre has acquired the shopping mall adjoining the E. Leclerc hypermarket in Roques-sur-Garonne, southwest of the Greater Toulouse Area. The transaction price of EUR 97 mln reflects a yield of 10.4%.

The two-level shopping centre features 120 units plus a building adjacent to the mall with six mid-sized retail outlets. In all, Klépierre has acquired a total of 37,600 m² of space. The vendor is the operator of the E. Leclerc hypermarket that will maintain ownership of that space.

The centre attracts more than 5 million visitors each year and the footfall has seen steady growth since the site was rebuilt in 1995 and extended in 2008-2009.

Klépierre is expecting gross rents of at least EUR 10.1 mln in 2012.

In addition, Klépierre also announced the sale of three assets as part of its asset rotation programme. The firm has divested the Caféteria Casino in Saint-Malo as well as two shopping mall properties - Sjøsiden Senter in Norway and Melun Boissénart in Ile-de-France for a total of EUR 91 mln. The assets generated a total gross rent of EUR 5.7 mln a year, yielding 6.2%.