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PARIS--(Business Wire)--
Regulatory News:
Klépierre gains majority position in IGC
Klépierre (Paris:LI) announces that it has signed an agreement with the Italian
group Finiper to acquire an additional 21.3% interest in IGC (which owns 9
shopping centers, most of them located in the vicinity of Milan). The
acquisition should be completed by yearend.
The appraised value of the share acquired in underlying assets is 76.5 million
euros, for additional net rents of 4.9 million euros expected over the full
year. In light of existing debt, Klépierre may have to outlay approximately 47.6
million euros.
When this acquisition is completed, Klépierre will own 71.3% of IGC. In
addition, Klépierre has signed a promise to buy with a partial retraction clause
on the remainder of the capital that can be exercised at the request of the
Finiper group on the basis of pre-defined annual windows, until December 14,
2017. Already in charge of the property management entrusted to Ségécé Italia,
Klépierre will also be responsible for the administrative management of IGC
going forward.
This acquisition completes the purchase on October 19, 2009, by Clivia (50%
Klépierre, 50% Finiper), of the Vittuone mall (West Milan). Inaugurated in April
2009, this mall offers retail space measuring 32 500 sq.m., fully leased to
major retailers such as H&M (ready-to-wear), Cisalfa (sportswear) and Saturn
(multimedia and home electronics). Klépierre`s share in this investment is 37
million euros, for expected net rents of 2.2 million euros a year. Clivia not
only owns the Vittuone mall but also the recent Lonato malls (East Milan) and
the Verona mall. Finiper has an exit option from Clivia that is similar to that
described for IGC.
Malls located in the most dynamic retail areas of Italy
All of the centers that are held in partnership with Finiper, located in the
most dynamic regions of Italy with significant purchasing power (Lombardy,
Piedmont and Venetia in particular), occupy choice positions within their
catchment areas and are easily accessible by car. In addition to their intrinsic
qualities, these malls also get a boost from the presence of hypermarkets flying
the Iper banner: genuine anchors that have strong brand recognition in Italy and
an unrivaled brand image built on the quality of their products.
Thanks to these factors, the centers are showing resilience in the current
economic climate: tenants` revenues increased by 3.8% over the first 8 months of
2009 and financial occupancy rate stands at 99.5% in the IGC centers.
Today, Klépierre`s Italian portfolio is composed of 35 shopping centers. Italy,
where the Group has been operating for close to 12 years, represented 10.5% of
consolidated rents, for an appraised value of holdings on June 30, 2009 of 1
440.0 million euros (total share, including transfer duties).
"We are delighted to be able to reinforce our position in assets of this
quality", noted Laurent Morel, Chairman of the Executive Board of Klépierre.
"The disposal program underway and the financial restructuring that we undertook
at the beginning of the year enable us to take advantage of the best acquisition
opportunities. Looking beyond the current crisis, the long-term development
strategy that lies at the basis of Klépierre`s corporate mission continues to
give preference to the most promising regions of Continental Europe."
About:
Klépierre, a listed real estate investment company ("SIIC" fiscal status), is an
expert in retail real estate in Continental Europe. With 275 shopping centers
held in 13 European countries and over a hundred additional centers managed for
third-parties, the Klépierre Ségécé group is a leader in its sector.
As an integrated player (owner, developer, manager) enjoying more than 50 years
of experience and a pan European platform, it positions itself as an unavoidable
partner to retailers and cities for the lasting success of their retail
projects.
The real estate holdings of Klépierre are valued at 14.4 billion euros on June
30, 2009. Of these assets, 89.3% are invested in shopping centers, 4.3% in
retail properties via Klémurs, and 6.4% in office properties.
For more information, please go to: www.klepierre.com; www.klemurs.fr.
Finiper is one of Italy's leading owners of food retail properties, with
revenues in 2008 of 2.6 billion euros. With 26 hypermarkets (flying the IPER
banner) and 140 supermarkets (UNES), the Group - which majority shareholder is
Mr Marco Brunelli - has full coverage of Italy and has full ownership of its
hypermarket properties.
For more information, please go to: www.iper.it.
Next releases:
2009 revenues January 26, 2010
2009 earnings* February 9, 2010
*Press release and conference call the night before after close of trading
APPENDIX - KLEPIERRE`S HOLDINGS IN ITALY
City, center Creation Renovation / Extension Acquisition Facilities Total area
IGC1 - Klépierre: 73.1% - Finiper: 26.9%
Varese, Belforte 1988 E 2006 2002 Iper, 35 units 23 554
Como, Grandate 1999 - 2002 Iper, 16 units 10 076
Bergamo, Brembate 1977 R 2002 2002 Iper, 17 units 12 855
Bergamo, Seriate, Alle Valli 1990 R/E 2001 & 2008 2002 Iper, 48 units 32 240
Pavie, Montebello della Battaglia, Montebello 1974 E 2005 2002 Iper, 56 units 33 107
Cremona (Gadesco), Cremona Due 1985 - 2002 Iper, 32 units 14 779
Savignano s. Rubicone (Rimini), Romagna Center 1992 R 2007 2002 Iper, 58 units 32 864
Pesaro, Rossini Center 2000 R 2008 2002 Iper, 35 units 23 434
Colonnella (Teramo), Val Vibrata 2000 R/E 2007 2002 Iper, 53 units 27 358
CLIVIA - Klépierre 50.0% - Finiper: 50.0%
Lonato, Il Leone di Lonato 2007 - 2008 Iper, 106 units 41 486
Verona, Le Corti Venete 2006 - 2008 Iper, 63 units 27 237
Vittuone, Il Destrerio 2009 - 2009 Iper, 55 units 32 500
KLECAR PARTICIPATIONS - Klépierre: 83.0% - CNP Assurances: 17.0%
Citta S. Angelo, Pescara Nord 1995 - 2002 Iper, 42 units 25 810
Burolo (Turin) 1995 - 2002 Carrefour, 11 units 10 475
Capodrise (Caserta), I Giardini Del Sole 1992 - 2002 Carrefour, 22 units 18 545
Gran Giussano (Milan) 1997 E 2006 2002 Carrefour, 44 units 19 098
Massa Carrara, Mare e Monti 1995 R 2007 2002 Carrefour, 41 units 17 465
Moncalieri (Turin) 1998 R/E 2000 2002 Carrefour, 29 units 12 795
Montecucco (Turin) 1989 - 2002 Carrefour, 11 units 9 669
Paderno Dugnano (Milan), Brianza 1975 R/E 1995 R 2006 2002 Carrefour, 70 units 36 126
Rome, La Romanina 1992 - 2002 Carrefour, 95 units 33 926
Thiene (Vicenza) 1993 - 2002 Carrefour, 37 units 20 947
Vercelli 1987 - 2002 Carrefour, 23 units 12 534
K2 Fund - Klépierre: 85.0% - Finim: 15.0%
Novate Milanese, Metropoli 1999 - 1999 Ipercoop, 80 units 27 374
Vignate (Milan), Acquario center 2002 - 2003 Ipercoop, 56 units 35 918
Settimo Milanese, Settimo 1995 2003 1999 Coop, 31 units 11 107
Roncadelle (Brescia), Le Rondinelle 1996 - 1998 Auchan, 77 units 32 095
Klépierre: 100.0%
Serravalle Scrivia, Serravalle 2003 - 2004 Iper, 28 units 19 067
Solbiate Olona, Le Betulle 2002 R 2006 2005 Iper, 22 units 17 321
Assago (Milan) 2004 E 2005 2005 Carrefour, 95 units 47 624
Bari, Viale Pasteur 1997 E 2002 / E 2007-2008 2003 Carrefour, 20 units 16 535
Collegno (Turin), La Certosa 2003 - 2003 Carrefour, 37 units 19 484
Lecce, Cavallino 2001 - 2005 Carrefour, 27 units 17 388
Rome, Tor Vergata 2004 - 2005 Carrefour, 65 units 25 793
Matera 1999 - 2003 Carrefour, 8 units 10 088
1 Percentages held once the acquisition of an additional share of 21.3% in IGC
has been finalized by Klépierre.
KLÉPIERRE CONTACTS
Caroline FINTZ
Tel: +33 1 40 67 57 92/ caroline.fintz@klepierre.com
Julien ROUCH
Tel: +33 1 40 67 53 08/ julien.rouch@klepierre.com
or
KEIMA COMMUNICATION
Emmanuel DOVERGNE
Tel: +33 1 56 43 44 63/ emmanuel.dovergne@keima.fr
Alix HERIARD DUBREUIL (Media)
Tel: +33 1 56 43 44 62/ alix.heriard@keima.fr
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