M&A Activity • Dec 17, 2018
M&A Activity
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Paris, 17 December 2018 – Galimmo SCA, a Galimmo Real Estate company, specialist in retail real estate and shopping centres value-enhancement, today announces the signing of a promissory sales agreement with Klépierre to acquire a shopping centre in Creil Saint-Maximin (Oise region of France) for €39.5 million (transfer taxes included).
Maël Aoustin, CEO of the group, comments: "This acquisition is a further stage in the group development since its creation two years ago. Having delivered two major projects in 2018 - the extension/renovation of the Evian-Publier and Colmar-Houssen shopping centres - we continue to roll out our strategy by reinforcing our portfolio in France through this first acquisition of a retail asset with great potential."
In the heart of the powerful Saint-Maximin retail destination and close to the city of Creil, the site comprises a shopping centre with 40 retailers and 4,069 m² GLA anchored by a Cora hypermarket. The shopping centre combines a large retail offer (fashion, cosmetics, sports) with facilities and services for customers' everyday needs (pharmacy, food and services). The entire site, including the hypermarket and cafeteria, both Cora properties/owned, covers a total area of 19,234 m².
This acquisition strengthens Galimmo's portfolio of assets with great potential. The shopping centre will benefit from the value-enhancement strategy of the group, through a dynamic asset management and investment policy. Once the acquisition completed, development projects already identified on the Creil Saint-Maximin shopping centre will be added to Galimmo's pipeline.
The deal is financed by a bank loan and equity.
Galimmo SCA was advised on this transaction by the business law firm De Pardieu Brocas Maffei as well as by the notary firm Oudot et associés.
A property company since September 2016, Galimmo SCA (ISIN: FR0000030611) is listed on the B compartment of Euronext Paris. It specialises in retail property and is dedicated to the value-enhancement and management of shopping centres adjoining Cora hypermarkets. Its portfolio – worth €619.1 million (excluding transfer taxes) at 30 June 2018 – consists of 51 shopping malls in France. Galimmo SCA also holds a 15% stake in a group owning seven shopping malls in Belgium. Galimmo SCA is a partnership limited by shares ("société en commandite par actions") managed by Galimmo Services France, a wholly-owned subsidiary of Galimmo Real Estate.
Galimmo Real Estate, a Belgian registered company, is a property company specialising in retail property and the value-enhancement of shopping centres of Europe. Via its subsidiaries organised by country, Galimmo Real Estate operates a total of 65 shopping centres adjoining Cora hypermarkets in Belgium, France, Luxembourg and Romania, representing a value of €1.1 billion (excluding transfer taxes) as at 30 June 2018. In Belgium, Galimmo Real Estate holds an 85% controlling stake in a group of companies owning a total of seven shopping malls. The remaining 15% is owned by property company Galimmo SCA.
Angélique Cristofari General Secretary Tel: + 33 1 53 93 06 98 [email protected]
Isabelle Laurent Tel: +33 1 53 32 61 51 / +33 6 42 37 54 17 [email protected]
Aurélie Chambon Tel: +33 1 53 32 56 88 / +33 6 82 70 15 58 [email protected]
The company's announcements and financial publications are available on the website www.galimmo-sca.com
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