Vectrane announces resort acquisition

French property company Vectrane has announced the acquisition of Club Mediterranee's Deux Alpes village resort for EUR 23.08 mln, excluding transfer taxes.

Vectrane said it was pursuing the development of its leisure property arm with the deal. The deal also confirmed the company's strategy of partnerships, the company said, announcing it had signed a 12-year triple net lease with Club Mediterranee.

Vectrane will finance renovation work on the property for EUR 9 mln excluding taxes. The property will generate rental income of EUR 2.09 mln, giving a yield of 6.50% on a total investment of EUR 32.08 mln, excluding transfer taxes.

The property is located in the Oisans Alpine region at an altitude of 1650 metres. The 8-storey building has a usable surface area of 9456 m2, with 262 rooms, restaurant and leisure facilities and a panorama terrace.