(Boursier.com) — July 12, 2023, Carmila signed an agreement with the controlling shareholders of Galimmo SCA to acquire 93% of the company’s capital.
The potential acquisition will be completed simultaneously with the acquisition of Cora France by Carrefour.
The geographic complementarity of Carmila’s and Galimmo’s portfolios, as well as their respective successes in asset management, offer an opportunity to create a benchmark player in commercial real estate in France.
Galimmo’s 52 assets, located mainly in the northeast of France, are valued at €688 million at the end of December 2022. The sites will be managed by applying the existing and beneficial rules of the Carrefour/Carmila ecosystem.
The total price of the acquisition of 100% of Galimmo shares would represent 294 million euros, paid by Carmila entirely in cash, i.e. 9.1 euros per share, corresponding to a discount of 41% compared to the revalued net assets. (EPRA NDV) of Galimmo as of December 31, 2022.
Thanks to Carmila’s solid financial structure, the pro forma Loan-to-Value debt ratio should remain below 38%.
The potential transaction offers an attractive value proposition to Carmila shareholders, the implicit yield on the acquisition of the Galimmo portfolio being 9.8% and with a transaction that would be accretive to both the revalued net assets and the result recurring EPRA per share.
The completion of the operation is expected in the summer of 2024, once all the regulatory authorizations, particularly in terms of merger control, have been obtained.
Marie Cheval, Chairman and Chief Executive Officer of Carmila commented: “The acquisition of Galimmo is a major step for Carmila and the continuation of its partnership with Carrefour. On the strength of its experience and its success in the transformation of sites alongside hypermarkets Carrefour, our objective is to deploy the power of the ecosystem over a complementary geographical area. This project will create value for Carmila and consolidate our relationships with retailers”.