Paris − March 13, 2017
Klépierre, the leading pure play shopping center property company in Europe, announced today that it has granted a mandate to an investment services provider with a view to repurchasing its own shares.
Pursuant to this mandate, the Company may buy back up to an aggregate amount of 500 million euros of its shares, from today onwards, as market conditions warrant. This mandate will be implemented in accordance with the authorization granted by the Company’s shareholders at their general meeting of April 19, 2016, which provided for a share buyback program limited to 10% of the shares comprising the Company’s capital, as well as, if relevant, with any renewed authorization approved at the next shareholder’s general meeting, to be held on April 18, 2017.
All repurchased shares will be canceled.
The repurchase program does not affect the Company’s objective to maintain its loan-to-value ratio in the 35 to 40% area.
March 13 2017