Belgian listed property company Banimmo has acquired the March茅 Saint-Germain retail outlet in the 6th district of Paris, for almost EUR 30 mln. The property generates an annual gross rental income of EUR 2.1 mln, reflecting a yield of 7%.
Belgian listed property company Banimmo has acquired the March茅 Saint-Germain retail outlet in the 6th district of Paris, for almost EUR 30 mln. The property generates an annual gross rental income of EUR 2.1 mln, reflecting a yield of 7%.
Banimmo said the acquisition is in line with its strategy 'to invest in real estate assets fit for restructuring'. The company also confirmed it remains interested in the French property market, and the retail sector in particular.
The new retail gallery, with an occupancy rate of 93%, was bought from the French listed retail group Kl茅pierre. The property comprises 20 covered shops over an area of nearly 4,000 m2. Banimmo said it is financing the acquisition with a new credit facility of EUR 25 mln.
Banimmo said its indebtedness ratio remains below 50% following the transaction.
