Banimmo acquires retail complex in Rouen France

Brussels and Paris-listed Banimmo has signed a new sales agreement for the acquisition of a retail complex in the French city of Rouen for EUR 12 mln, reflecting a yield of 7%.

The transaction follows the completion of the acquisition by Banimmo of a retail gallery in the centre of Paris last November.

The 2,850-m2 retail complex in Rouen is situated on the ground floors of a number of buildings in the historic centre of the city. The property, with the exception of one unit, is completely rented and generates an annual income of just under EUR 850,000.

Banimmo said that it is not contemplating important renovation works but will proceed within the next two years to a 'repositioning of current rental conditions'.

The Banimmo Group, 50% owned by France's Affine, has invested in 25 real estate properties representing a total value of more than EUR 340 mln. Belgium accounts for over 60% of the portfolio in terms of market value. France represents nearly 40%. Banimmo also operates in Luxembourg.