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PARIS, July 02, 2024--(BUSINESS WIRE)--Regulatory News:
Mercialys (Paris:MERY) is announcing the sale of four hypermarkets to a club deal formed by Foncière Magellan, MTV Capital and Ciméa Patrimoine. Mercialys owned 51% of these assets, with the remaining part held by a fund managed by BNP Paribas REIM France. This sale was completed at a price in line with the latest appraisal values.
As part of this transaction, Mercialys also sold two additional fully-owned ancillary assets.
This transaction represents a total net sales price of €117.5 million. This sale will help improve the loan to value (LTV) ratio to 38.3% excluding transfer taxes on a proforma basis, compared with 38.9% at end-2023.
The sale of these hypermarkets operated by Auchan is also aligned with the policy to regularly rotate the Company’s portfolio and continuously balance its rental exposure. In addition, it anticipates the upcoming rebranding under the Auchan banner of the five Casino stores owned by Mercialys in Corsica1, as part of the unilateral purchase agreement signed on June 22, 2024 for the sale of the Casino Group’s Corsican entity.
Food exposure will represent 15.3% of invoiced rents (2023 proforma) in an economic vision2, with the following breakdown:
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Intermarché: 5.3%
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Auchan: 5.0%
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Carrefour: 2.0%
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Monoprix: 1.6%
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Casino#HyperFrais: 1.1%
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Aldi: 0.2%
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Lidl: 0.1%
This sale further strengthens Mercialys’ already very robust financial position and provides it with increased resources to support its growth strategy. It will be rolled out on a selective basis through the development pipeline or targeted acquisitions in retail real estate or related activities. Specifically, the Company will ensure that the yield on these operations is at least 250bp higher than the refinancing cost of the projects or acquisitions.
On this transaction, Mercialys and BNP Paribas REIM France were assisted by JLL and Wargny Katz, while the buyer was assisted by Bretlim Fortuny and Office du Dôme.
This press release is available on www.mercialys.com.
About Mercialys
Mercialys is one of France’s leading real estate companies. It is specialized in the holding, management and transformation of retail spaces, anticipating consumer trends, on its own behalf and for third parties. At December 31, 2023, Mercialys had a real estate portfolio valued at Euro 2.9 billion (including transfer taxes). Its portfolio of 2,038 leases represents an annualized rental base of Euro 175.5 million. Mercialys has been listed on the stock market since October 12, 2005 (ticker: MERY) and has "SIIC" real estate investment trust (REIT) tax status. Part of the SBF 120 and Euronext Paris Compartment B, it had 93,886,501 shares outstanding at December 31, 2023.