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Eurocommercial Properties NV Sells Passy Plaza, Paris; Completes Acquisition of Val Thoiry, Grand Geneve


Friday, 14 Jun 2013 02:00am EDT 

Eurocommercial Properties NV announced that it was in advanced discussions for the sale of the 8,115 square meters of Passy Plaza shopping centre in Paris. The Company has signed a contract on June 4, 2013 to sell Passy Plaza to an institutional insurer at a price of EUR 141 million, 4.7% above its December 2012 valuation. The sale is expected to complete at the end of September 2013. Some of the proceeds from the sale will be reinvested in the previously announced acquisition of the 23,400 square meters Val Thoiry shopping centre and Leroy Merlin brico store which are located in the “Grand Geneve” area of France, one km from the Swiss border. The purchase of Val Thoiry from Vastned Retail N.V. was completed on June 13, 2013 for a gross cost of EUR 111.5 million, representing a net initial yield of 5.6%. 

Company Quote

35.52
0.14 +0.40%
8:02am EDT