French retail specialist Klepierre has sold an office building located at Place du Général Leclerc in Levallois-Perret, west of Paris. The transaction price amounts to a total of EUR 36 mln, including taxes.
French retail specialist Klepierre has sold an office building located at Place du Général Leclerc in Levallois-Perret, west of Paris. The transaction price amounts to a total of EUR 36 mln, including taxes.
The building offers nearly 6,000 m2 of space and generates annual rents of EUR 2.3 mln. Additionally, the company said that it is selling a retail scheme in downtown Rouen for a further EUR 12 mln. The sale should be completed by June 2010.
Klépierre posted revenues of EUR 246 mln in the first quarter of 2010, up by over 3% on 2009 volumes. The company said that it expects rents to continue growing over 2010 due to the a recovery in the retail property market and the overall economy. 'After a decline in retailers' revenues in 2009, Klépierre's retail tenants saw their sales revenues progress by 1.4% compared to the same period a year before,' the company said.
In early April, Klépierre raised a total of EUR 900 mln in two transactions on the capital markets. The transactions enabled it to refinance its next debt maturities under satisfactory conditions and over long durations, while also reinforcing its ability to finance its investment programme.
Klépierre now has EUR 1.2 bn in unused credit lines while the average duration of the group's debt has been extended from 6 to 6.3 years.
