Carmila: agreement to acquire Galimmo
(CercleFinance.com) - Carmila announces that it has signed an agreement with the controlling shareholders of Galimmo SCA to acquire 93% of the real estate company's capital, in a potential acquisition that will be carried out at the same time as that of Cora France by Carrefour.
It says that the geographical complementarity of Carmila and Galimmo's portfolios, as well as their respective successes in asset management, offer an opportunity to create a benchmark player in retail real estate in France.
100% of Galimmo's shares would cost E294m, which Carmila will pay for entirely in cash. Galimmo's 52 assets, located mainly in northeastern France, are worth E688m at end-2022.
The transaction is expected to be accretive to both Carmila's NAV and EPRA recurrent EPS. The deal is expected to be completed in summer 2024, once all regulatory approvals have been obtained.
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