Shopping center-focused real estate investment trust Klépierre agreed to sell two Carrefour-anchored retail malls to property operator and manager Carmila SA for €212.2 million in a deal set to close during the first quarter.
The properties include Grand Vitrolles in France, in which Klépierre has an 83% interest, and Gran Vía de Hortaleza in Madrid.
Carmila said it has already obtained the administrative authorizations required for the 11,700-square-meter extension it plans to build as part of a proposed renovation for Grand Vitrolles. Carmila also plans to make certain renovations at Gran Via de Hortaleza.
Carmila will use available cash and bank or bond debt to fund the purchases.
