PARIS--(BUSINESS WIRE)--Regulatory News:
Mercialys (Paris:MERY) is announcing that on July 30, 2019, it finalized the sale of the Monoprix sites in Saint-Germain-en-Laye and La Garenne-Colombes to a fund managed by Mata Capital.
These assets were sold for around Euro 100 million including transfer taxes, higher than their appraisal value, at a rate that is significantly lower than the average appraisal yield rate of 5.2% for the Company’s asset portfolio.
Despite the quality of these assets, Mercialys considered that they were no longer aligned with its criteria for mixed urban development projects.
Alongside this, Mercialys has made significant progress on its other mixed urban development projects, with plans to file building permit applications for the Saint-Denis project in the fourth quarter of 2019, followed by Marcq-en-Barœul in the first quarter of 2020 and the Puteaux project in the second quarter of 2020.
The seller was advised by Rothschild & Co and the notary’s office Wargny Katz, while the buyer was advised by the notary’s office Allez & Associés, the law firm Fairway and the technical advisor Etyo.
This press release is available on www.mercialys.com
Mercialys is one of France’s leading real estate companies, focused exclusively on retail property. At June 30, 2019, Mercialys had a portfolio of 2,123 leases, representing a rental value of Euro 184.3 million on an annualized basis. It owns assets with an estimated value of Euro 3.8 billion (including transfer taxes) at June 30, 2019. Mercialys has had “SIIC” real estate investment trust (REIT) tax status since November 1, 2005 and has been listed on Euronext Paris Compartment A (ticker: MERY) since its initial public offering on October 12, 2005. At June 30, 2019, there were 92,049,169 shares outstanding.
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 the Mercialys registration document available at www.mercialys.com for the year ended December 31, 2018 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.