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