MERLIN Properties sells Grande Armée in Paris
MERLIN Properties has sold to Deka Immobilien Gmbh a flagship retail unit located in Avenue de la Grande Armée 10, in Paris. The asset has a gross lettable area of 8,359 sqm and is leased to Conforama, being its main store in France.
Following Metrovacesa integration, MERLIN Properties identified this asset as non-core for its location outside the Iberian Peninsula.
Sales price is € 58.5 million, representing a 2.6% premium over the appraisal as of 30 June. Proceeds will be used for core activities and to reduce leverage.
About MERLIN Properties
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization of approximately 4,500 million euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, and MSCI Small Caps indices.