Banimmo finalizes new acquisition (FR/BE)

Banimmo has finalized on December 3, 2010, a new acquisition in the retail segment in France. The acquisition relates to two units of 12,000 m² that are part of a retail center in Ile-de-France.

This center, 'Art de Vivre', is located in Eragny, along highway A15 on the West of Paris and comprises a total surface of 42,000 m². It is situated on a very busy axis and groups together almost 45 brands of which the most well-known are Planet Saturn, Toys 'R' Us, Sport 2000, Marionnaud, Sephora, and Castorama.

The acquired surfaces are rented to Castorama. The possible departure of this tenant would represent an opportunity to reposition the existing surfaces in order to created a Mall dedicated to retail units with a higher added value.

In the other case, the cash-flows would be assued for the long term.

The total acquisition cost amounts to €12,600,000. The return of this acquisition (costs included) amounts to 11.5% and the operation will generate a recurrent income of €1,450,000.

Banimmo finalizes its investment program for 2010 with this acquisition and has almost reached its objective of €100 million after having focused predominantly on asset sales in 2009. After having realized the acquisitions in City Mall (shopping malls in city centers) and Rouen at the beginning of the year, Banimmo reinforces, with this operation, the relative weight of the retail segment in its portfolio.

Source: Citigate

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