Paris-based Galimmo SCA agreed to a promissory deal with retail real estate investment trust Klépierre for the purchase of a shopping center in Creil Saint-Maximin, France, for €39.5 million, inclusive of transfer taxes.
The shopping center has 4,069 square meters of gross leasable area on a 19,234-square-meter site, and houses 40 retailers, with hypermarket chain Cora as its anchor tenant. Galimmo will use a bank loan and equity to fund the acquisition, according to a release.
The retail-focused property company has already identified development projects for the retail asset, which will be added to its pipeline on the completion of the deal.
Law firm De Pardieu Brocas Maffei and notary firm Oudot et associés advised Galimmo on the deal.