MRM, owns and manages a portfolio of primarily retail properties in various regions of France, has agreed to acquire two shopping centres, located in Flins-surSeine (Yvelines) and Ollioules (Var), from Altarea Commerce for a total €90.4 million.
François de Varenne, Chairman of the Board of Directors of MRM, commented: “We are delighted to present today a proposed significant acquisition that will have a transformative effect on MRM. The acquisition of these two shopping centres would mark a real change of dimension for MRM, representing an increase of more than 50% in the value of our asset portfolio. Altarea is a key player in the real estate industry. Its entry in the share capital of MRM is a mark of recognition of our know-how and confidence in our ability to create value.”
Close to Mantes-la-Jolie in the Yvelines region, the Flins regional shopping centre is located in an attractive retail district in the heart of one of France’s biggest urban communities with a fast-growing population. The property complex, jointly owned with Carrefour, is a powerful shopping centre that constitutes a market leader in its catchment area, within which the Carrefour hypermarket enjoys a leading position. It benefits from extremely easy access via the A13 highway.
The agreement concerns the acquisition by MRM of 56 stores covering a floor area of 9,972 sqm, which was 97% occupied as at 30 June 2022. The site attracted 3.0 million visitors in 2021 and has proven its appeal to retailers.
Within Toulon Provence Méditerranée group of municipalities, the biggest labour pool in the Var region, the Carrefour Ollioules shopping centre is located in an attractive, fast-growing area, which sees significant population growth in peak season due to tourism. Market leader in its catchment area, the shopping centre—which is jointly owned with Carrefour and other co-owners—benefits from its immediate proximity to the A50 highway, to the west of Toulon.
The agreement concerns the acquisition by MRM of 44 stores covering a floor area of 3,124 sqm, which was 92% occupied as at 30 June 2022. The site attracted 2.8 million visitors in 2021.
François Matray, Chief Executive Officer of MRM, added: “Having gradually refocused our portfolio on retail properties, enhanced the value of our properties by means of an apt investment plan and then over the last two years stepped up our active portfolio management under complex conditions, this acquisition would open up new prospects, allowing us to roll out our proactive management policy on the basis of a larger portfolio. It would enable us to aim for annualised net rents of over €16 million and make us more profitable thanks to better absorption of fixed costs.”