Sagax has indirectly acquired 27% of a property portfolio comprising 43 properties with 285,000m2 of lettable area and 902,000m2 of freehold land in France.
The properties are fully leased to Metro AG which uses the premises for wholesale operations in the HORECA segment.
The property portfolio is concentrated in the Paris, Lyon, Lille and Marseille regions and has an externally estimated market value of the equivalent of €307m. The annual rental income amounts to the equivalent of €24.65m and is indexed to ILC, a standard index for commercial leases in France. The tenant is responsible for all operating and maintenance costs with the exception of the long-term maintenance of the properties.
Sagax’s investment is made through the acquisition of 27% of the shares in the SPV owning the properties. The shares are unlisted and are acquired from Amundi Real Estate.
Additionally, Sagax has acquired 2 properties in Spain and 1 property in Finland. The properties have a total lettable area of 25,300m2, mainly consisting of premises for warehouse and industrial purposes. The rental income amounts to the equivalent of €1.25m per year. The occupancy rate is 100%. The average remaining lease term is 4.6 years.
Sagax's total investment amounts to the equivalent of €97m and closing has taken place.
Image source - Pexels.
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