Eurocommercial Properties N: Sale of the Chasse Sud retail park at book value



Date: December 9, 2021

Press release: After the closing of Euronext


Sale of a retail park in France, general update and introduction of the trade

interest rate swaps linked to sustainable development

Sale of the Chasse Sud retail park at book value

Eurocommercial Properties NV (Eurocommercial) announced today that it has sold Chasse Sud, its commercial park anchored in a hypermarket in Chasse-sur-Rhône in France to TwentyTwo Real Estate, a European investment and property management company. The building was sold for 80 million euros net to the seller, equal to its last book value.

Located on the banks of the Rhône, between Lyon and Vienne, along the Autoroute du Soleil (A7), Chasse Sud is a modern retail park of around 52,000 m² including a 14,000 m² Casino Géant hypermarket and a logistics warehouse of 5,000 m². The building was extended and redeveloped in 2013 and other major commercial tenants include Decathlon, Boulanger, C&A, Gemo, Bricomarché and Conforama.

This sale is part of Eurocommercial’s divestment program announced last year, which also included the sale of its downtown building in Grenoble (France) and its two other independent business parks located in Sweden, Moraberg outside of Södertälje and Bronsen in Norrköping. These sales were made in 2021, still at their last book values.

The proceeds from the sale of Chasse Sud were received today and are being used in part to finance the recent takeover from its joint venture partner, AXA, of their 50% stake in Shopping Etrembières in France, at a price of 45 million euros and partly to improve the Group’s net financial position. Negotiations for further divestments are underway and should be completed early next year.

General business update

The strong recovery in retail sales seen across the Company’s shopping center portfolio was announced with its third quarter results and continued into October. In the third quarter, retail sales grew 6.5% from the third quarter of 2020, also fully recovering to pre-pandemic levels, 1.5% above the third quarter of 2019.

In October, retail sales growth increased further and was 13.6% higher than October 2020 and 6% higher than in October 2019 before the pandemic (Italy 10%, Sweden 6%, France 1% and Belgium -1%). Likewise, footfall continued to recover in October and was 6.4% above October 2020 and only 11% below October 2019. This full recovery in retail sales on slightly reduced footfall continues to confirm the high sales conversion rates and increase in cart size that many retailers regularly have. comment.

[email protected]





200 Saint-Lambert Street

Via della Moscova, 3

107, rue Saint Lazare

Kungsgatan 48

1200 Woluwe-Saint-

20121 Milan

75009 Paris


35 Stockholm

Trade register 33230134


Phone: +39 (0) 2 760 759 1

Phone: +33 (0) 1 48 78 06 66

Phone :

+46 (0) 8 678 53 60

Phone: +31 (0) 2 05 30 60 30

With the recent increase in the number of COVID-19 cases, the Company continues to closely monitor the government’s response in its markets, particularly during this busy Christmas trading season. So far, all of the Company’s shopping centers remain fully open and commercial, and any new government restrictions have been limited to a wider application of the relevant country’s health pass, primarily affecting access to outlets in the country. ‘food and drink.

Sustainable development interest rate swaps

Eurocommercial recently entered into sustainable development interest rate swaps with ABN AMRO Bank in order to partially hedge the interest rate risk related to sustainability loans of 100 million euros granted by the bank. in April 2021. The loans are used to finance two shopping centers in Italy. These sustainability interest rate swaps include incentive mechanisms for Eurocommercial as the fixed interest paying party, which are fully aligned with the sustainability performance indicators provided in the underlying loans. Eurocommercial has a very long-standing relationship with ABN AMRO Bank, which is one of the few banks to offer derivatives linked to sustainability. These derivative transactions demonstrate Eurocommercial’s commitment to further integrate its ESG objectives into its operational activities..

About Eurocommercial

Eurocommercial Properties NV is a real estate investment company listed on Euronext and one of the most experienced commercial real estate investors in Europe. Founded in 1991, Eurocommercial currently owns and operates 25 commercial properties in Belgium, France, Italy and Sweden with total assets of approximately € 4 billion.

For more information please contact:

Evert Jan van Garderen, Chairman and CEO

Phone: +31 20 530 6030

Roberto Fraticelli, Chief Financial Officer

Phone: +39 (0) 2 760 759 1

Peter Mills, Chief Investment Officer

Phone: +44 7770 496 697

Pascal Le Goueff, Director France

Phone: +33 1 48 78 06 66

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