Klépierre announces the disposal of two retail malls

Paris – February 2, 2018

Klépierre, the leading European shopping center platform, signed an agreement for the disposal of two retail malls for a total consideration of €212.2 million (including transfer duties) to Carmila.

The two retail malls, which are anchored by a Carrefour hypermarket, are the following:

  • Grand Vitrolles (Klépierre equity interest 83%; CNP 17%), located near Marseille (France), a 24,350-sq.m. gallery with 80 retail units adjacent to a Carrefour hypermarket of 20,500 sq.m.;
  • Gran Via de Hortaleza, fully owned by Klépierre and located in Madrid in Spain, a 6,300-sq.m. gallery with 70 retail units (Carrefour hypermarket of 10,950 sq.m.).

These assets were sold for a total consideration of €212.2 million (including transfer duties), in line with their appraised value as of 30 June, 2017.

This divestment is consistent with Klépierre’s regular asset rotation strategy. Since January 1, 2017, €365.3 million (excluding transfer duties) worth of disposals (completed or under promissory agreement) had been reached. Adding in today’s operation, the total amount of disposals reaches €568.1 million (excluding transfer duties).

The closing of the transaction is expected to occur in the Q1 this year.

Download the press release

February 2 2018

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