Klepierre, the French real estate group, has announced plans to list its Klemurs subsidiary on Euronext Paris. Klemurs' portfolio comprises a retail property leased by department store BHV in the 19th arrondissement (district) of Paris, a retail space leased to Truffaut in the 13th arrondissement and a group of stores in the north-western city of Rouen. While these assets are not considered to be very significant, Klemurs is to act for Klépierre as the buyer of 129 Buffalo Grill restaurants before the end of the year.
Klepierre, the French real estate group, has announced plans to list its Klemurs subsidiary on Euronext Paris. Klemurs' portfolio comprises a retail property leased by department store BHV in the 19th arrondissement (district) of Paris, a retail space leased to Truffaut in the 13th arrondissement and a group of stores in the north-western city of Rouen. While these assets are not considered to be very significant, Klemurs is to act for Klépierre as the buyer of 129 Buffalo Grill restaurants before the end of the year.
'We expect Klepierre will use the vehicle to attract other investors and to facilitate the growth strategy of Buffalo Grill over the coming years,' merchant bank Kempen & Co said. Buffalo Grill indicated it intends to open about 60 restaurants over the next three years, both in France and Europe.
Klemurs took the first step to initiate the IPO by registering its prospectus, known as the document de base, with financial regulator Autorité des Marchés Financiers on 31 October. Its application to Euronext is subject to the AMF's approval of the prospectus.
Klepierre focuses on leasing and managing shopping centres and office properties. With more than 311 shopping centers under management it is the leader of the shopping center management sector in France, Spain, Italy and Belgium. It owns about EUR 7.9 bn worth of real estate assets.