Mercialys: Disposal of Four Hypermarkets for €117.5 Million
July 02 2024 - 12:57PM
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:
- Intermarché: 5.3%
- Auchan: 5.0%
- Carrefour: 2.0%
- Monoprix: 1.6%
- Casino#HyperFrais: 1.1%
- Aldi: 0.2%
- 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.
IMPORTANT INFORMATION This press release contains certain
forward-looking statements regarding future events, trends,
projects or targets. These forward-looking statements are subject
to identified and unidentified risks and uncertainties that could
cause actual results to differ materially from the results
anticipated in the forward-looking statements. Please refer to
Mercialys’ Universal Registration Document available at
www.mercialys.com for the year ended December 31, 2023 for more
details regarding certain factors, risks and uncertainties that
could affect Mercialys’ business. Mercialys makes no undertaking in
any form to publish updates or adjustments to these forward-looking
statements, nor to report new information, new future events or any
other circumstances that might cause these statements to be
revised.
1 Assets owned by a joint ownership structure in which Mercialys
holds 60% 2 Consolidated rental income adjusted (i) downwards for
the 49% minority interest held by a company managed by BNP Paribas
REIM France in SAS Hyperthetis Participations and SAS Immosiris,
which together own a total of five hypermarkets following the sale
announced in this press release, and (ii) upwards for Mercialys’
25% minority interest in SCI AMR, which owns three Monoprix stores
and two hypermarkets
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240702867410/en/
Analyst and investor contact Olivier Pouteau Tel: +33
(0)6 30 13 27 31 Email: opouteau@mercialys.com
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