Carmila (FR) set to purchase six shopping centers

Carmila and Unibail-Rodamco have concluded an agreement with Carmila making an offer to purchase six non-shopping centres located in France, for a total of €931m. This calculate sat €7280 per square metre.

Carmila has also obtained exclusivity on the agreement which ends on October 15, 2014. This period will allow for the work councils of both Carmila and Unibail-Rodamco to be consulted prior to the signatures being finalised during September 2014. It is not anticipated that the transaction will impact on the recurring earnings per share growth of around 5.5% for 2014. The final closure of the transaction is due to take place in Q4-2014.

The CEO and Chairman of the Management Board of Unibail-Rodamco, the largest commercial property company in Europe, said that this agreement will allow the company to reshape its portfolio with particular emphasis on the assets which offer the highest potential ROI. Christophe Cuvillier said that Carmila appears to be the natural owner of the centres, which are anchored by four huge Carrefour hypermarkets. Unibail-Rodamco remains positive that Carmila has the capacity to generate significant returns in line with shareholder requirements. Mr Cuvillier added that this transaction will benefit all concerned.