IREIT Global is announcing the acquisition of 27 retail properties in France from sport-brand Decathlon.

Assets

The purchased assets are:

• 27 retail properties across France, all freehold, mostly located around smaller cities such as Vichy, Mâcon or Cholet
• A total of 95,477 m² GLA
• 7.1% NPI yield

The total agreed price is 110.5 million Euros.

Financing

The operation and associated cost will be funded by debt and new equity (private and/or public placement, to be determined at a later point).

Expectations

The manager expects the transaction to be yield-accretive (+1.0% pro-forma adjusted FY2020) but have a negative impact on NAV. (-6.2% also pro-forma)