PARIS--(BUSINESS WIRE)--Regulatory News:
Foncière Euris, Rallye (Paris:RAL)and their investment partner Sonae Sierra finalised the sale of their stake in the shopping centre “Loop5” (Weiterstadt, Germany) to Deutsche Asset Management. Sonae Sierra will remain a minority shareholder with a 9% stake.
This disposal enabled Foncière Euris and Rallye to receive respectively proceeds of 14M€ and 19M€. Additional earn-outs based on the performance of the shopping centre could be perceived by 2020.
Loop5, which ranks among the largest shopping centres in Germany, is located in the retail park of Weiterstadt, in the south of the Frankfurt agglomeration. The centre, which opened to the public 6 years ago, houses renown retail brands such as H&M, Mango, C&A or Saturn as well as over twenty restaurants, bars and cafés over 56,500 sqm GLA of retail and entertainment area.
The arrival of the anchor-tenant Primark on September 12th 2015 further increased the dynamism of the shopping centre.
Loop5 has been awarded the first price in the category “Large New Developments” during the ICSC European Shopping Centre Awards.
The sellers have been advised by JLL, Berwin Leighton Paisner and Hogan Lovells.