M&A Activity • Oct 14, 2014
M&A Activity
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Regulated information 14 October 2014 : 8.15 AM
Banimmo (NYSE Euronext BANI) has sold to a French institutional investor the Galerie Bagatelle in Suresnes (Hauts-de Seine), for a net sales price of € 27 million. Banimmo has also signed an unconditional agreement for the acquisition of a retail gallery located in Pantin (Seine Saint-Denis), a city near Paris.
On October 13 2014, Banimmo has signed the notarial deed with a French institutional investor for the sale of the Galerie Bagatelle in Suresnes (Hauts-de Seine), city nearby Paris.
This gallery covers a total area of about 5,300 sqm (4,700 sqm lettable area) and it reinforces and completes the city center of Suresnes with a dynamic commercial offer. The gallery is clustered around the Monoprix, which occupies approximately 2,400 sqm, and a dozen retailers.
When Banimmo acquired this gallery in June 2012, the site was closed for many years: in only two years, Banimmo has been able to renovate, reposition and commercialize the gallery, turning it into a "core" product for institutional investors.
The net sales price amounts to € 27 million. Taking costs into account, this sale enables to realize an IRR after taxes of 24%. This amount will be reinvested in new operations, like the transaction envisaged in Pantin. Banimmo has indeed signed on October 7 an unconditional agreement for the acquisition of a retail gallery located in Pantin (Seine Saint-Denis), a city located near Paris, and that is accessible with various public transports. The notarial deed is foreseen in January 2015.
This retail gallery is part of a wider real estate complex that is located in the city center of Pantin, at only 200m of the city of Paris and in front of a Paris metro station (line 5) and on a major axis of the city, the avenue Jean Lolive.
The gallery contains 40 shops and covers a total surface of 9,500 sqm of which 4,710 sqm will be acquired, representing the whole gallery surface with the exception of the Leclerc supermarket, sole co-owner.
The surfaces are mostly leased (88% occupancy rate), on the basis of precarious or long term leases, and generate a net rental income of € 1.3 million.
The strategy of Banimmo is twofold and consistent with its knowledge demonstrated in other retail galleries.
With this new transaction, Banimmo confirms its expertise in repositioning retail galleries in France. Other operations are currently ongoing: the repositioning of the halle Secrétan and the redevelopment of Marché Saint-Germain.
www.banimmo.be [email protected] [email protected]
Banimmo stands out as a specialized player capable of producing or transforming a real estate asset meeting the requirements and the highest standards of institutional investors, as well as developing built-to-suit projects meeting the occupants needs. This competence is applicable to both the office building sector and the retail segment or niche segments (hotels, nursing homes and so on).
The company has 30 employees. At the end of June 2014, the real estate portfolio had a total value of €355.5 million. Belgium represents the predominant market, with 73.2% of the portfolio in terms of market value, with France representing 26.8%. The portfolio is continually evolving thanks to the ongoing repositioning and to the high rotation of the assets. Banimmo is listed on Euronext Brussels. Currently the company is held by the SIIC Affine (49.51%) and the management (23.28%). The remainder (27.21%) is in public hands.
Galerie Bagatelle in Suresnes
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