PARIS--(BUSINESS WIRE)--Regulatory News:
On December 21, 2020, Mercialys (Paris:MERY) sold the Monoprix site at 74 rue des Bourguignons in Asnières-sur-Seine (92600) to a company advised by PICTURE Asset Management. The net sales price was Euro 30.8 million, higher than the appraisal values from end-June 2020 and well below the portfolio’s average appraisal yield rate of 5.49%.
This operation confirms the level of interest among investors in the physical real estate market for resilient retail assets that generate sustainable cashflows.
For Mercialys, it is aligned with its approach to further strengthen its liquidity, manage its loan to value ratio effectively and reduce its overall exposure to its leading tenant.
The buyer intends to capitalize on the existing rental situation, secured by the sustainable activity of Monoprix, which is perfectly established within its catchment area, in order to develop a more ambitious real estate project at this site.
The seller was advised by the notary’s office LBMB.
The buyer was advised by PICTURE Asset Management, the notary’s office Allez & Associés, Archers for real estate aspects and Cazals Manzo Pichot regarding the tax structure. The law firms EDGE and FRIEH supported the buyer with regard to corporate aspects. The acquisition was financed by BRED. The bank was advised by the notary’s office LASAYGUES. The transaction was brokered by Ropco.
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This press release is available on www.mercialys.com
Mercialys is one of France’s leading real estate companies, focused exclusively on shopping centers and high-street retail assets. At June 30, 2020, Mercialys had a portfolio of 2,111 leases, representing a rental value of Euro 182.3 million on an annualized basis. At June 30, 2020, it owned properties with an estimated value of Euro 3.5 billion (including transfer taxes). 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, 2020, there were 92,049,169 shares outstanding.
About PICTURE Asset Management
PICTURE Asset Management is an independent real estate asset management company that carries out operations on its own behalf (through PICTURE Capital Partners and any other structure affiliated with Picture Real Estate group shareholders) or for third parties under contracts with private and institutional clients. PICTURE Asset Management is controlled by Banque Populaire Développement, owned indirectly by Natixis and directly by Banques Populaires, and managed by NAXICAP PARTNERS S.A., a management company that is a subsidiary of the Natixis group. PICTURE Asset Management is also jointly owned by its management team and by a company affiliated with HWA Group.
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, 2019 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.