Following a competitive bidding process, Buffalo Grill announces that it has entered into exclusive negotiations with Klépierre aimed at concluding a strategic partnership that would operate on two levels: 1. partnering with Klépierre on the development of its branded restaurant business in France and abroad, and 2. sale of a portfolio of 128 real estate assets nationwide in France.
The sale of this portfolio would be accompanied by the conclusion of commercial leases whose initial term would be nine years firm, renewable twice thereafter at the initiative of Buffalo Grill, on the basis of minimum guaranteed rents and subject to a variable rent clause tied to revenue growth.
The sale price would be based on a global appraised value for the real estate assets of around €300 million.
In the coming days, this strategic partnership will be presented to Buffalo Grill's personnel representatives and submitted to the approval of its supervisory board.
Source: Klépierre
