Wednesday 13 December 2017

Klepierre off-loads 4 shopping centres

Dalia Fahmy

KLEPIERRE, Europe's second-largest publicly traded shopping mall operator, sold four shopping centres in Norway for €247m to help finance projects in the Nordic region.

Steen & Strom, a company controlled by Paris-based Klepierre, sold a 90pc stake in the properties to Partners Group and Sektor Gruppen. The malls accounted for 1.8pc of Klepierre's rental income in the first nine months.

The sale is part of Klepierre's plan to sell some assets and buy others to improve its profitability. Klepierre last year announced a plan to raise €1bn from asset sales by the end of 2013. On October 23, the real estate investment trust said it had completed or reached agreements to sell €900m of assets since the target was announced.

Klepierre agreed to acquire the 50pc stake it didn't already own in a shopping centre in Montpellier, France, the company said in a separate statement. Klepierre bought the mall from Icade without disclosing the price.

Klepierre fell 0.5pc to €33.99 in Paris trading. The stock has gained 13pc this year, compared with an 8.6pc gain on the Bloomberg EMEA REIT Index. (Bloomberg)

Irish Independent

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business