Klépierre sells two retail assets for €345 million

Boulevard Berlin (Klépierre equity interest: 95%), a shopping mall with c. 100 retail units anchored by Karstadt, H&M, Zara, Media Saturn and both supermarkets Edeka & Karstadt Perfetto, located in Schloßstraße in Berlin (Germany). The retail asset management advisor iMallinvest has provided their services in process management and deal negotiation to the vendor in this grand divestment process.

Following the sale of the mall, Klépierre will continue to do facility and property management of the asset. The second divestment is a retail park with 22 retail units (Klépierre equity interest: 71%), located in Bordeaux in France.

The total consideration amounts to €345 million (Total share – excluding transfer duties), 3% above appraised values as of June 30, 2021 and in line with appraised values as of December 31, 2020, implying a blended EPRA Net Initial Yield of 5.1%.

Since January 1, 2021, €502 million worth of disposals had been completed. Adding in the recent operations, the total amount of disposals reaches €847 million (Total share – excluding transfer duties) at a blended EPRA Net Initial Yield of 5.4%.