MRM announced the finalisation of the acquisition from Altarea of two shopping centres (the “Assets Sold”) by means of contributions in kind and transfers for a total of €90.4 million (including transfer taxes), and the financing thereof. Located in Flins-sur-Seine (Yvelines) and Ollioules (Var), the Assets Sold – both attached to Carrefour hypermarkets – are leading shopping centres within their catchment area. They are successful properties combining yields and potential for value creation.

This acquisition has a transformative effect for MRM, increasing the value of its portfolio by more than 50%, with potential for improvement in profitability and changing its shareholding structure, while also keeping the Company's net debt at a controlled level. The final stage of the acquisition by MRM of the Assets Sold from Altarea was achieved, with the settlement-delivery and admission to trading on the Euronext regulated market in Paris of the new MRM sharesissued within the framework of its capital increase with preferential subscription rights for shareholders in the amount of €29 million, with SCOR SE subscribing to €25 million and Altarea to €4 million, carried out on 5 December 2022. Overall, the acquisition of the Assets Sold entailed (i) a capital increase of the Company by means of a contribution in kind reserved for Altarea in the amount of €21 million and (ii) the above-mentioned capital increase of the Company with preferential subscription rights for shareholders.

Representing a total of €50 million, the two capital increases were carried out at a unit subscription price equal to MRM's replacement NAV per share as at 30 June 2022, i.e. €48.92. SCOR SE subscribed to an amount of €25 million and Altarea to €25 million. The remainder of the acquisition price was financed by means of a €42 million bank loan with a pool of banks comprising Banque Européenne du Crédit Mutuel, LCL and BRED Banque Populaire.

Banque Européenne du Crédit Mutuel acted as agent and co-arranger, and LCL acted as co-arranger. The acquisition of the Carrefour shopping centre in Flins-sur-Seine, Yvelines, and the Carrefour shopping centre in Ollioules, Var, has resulted in a change of dimension for MRM. As well as establishing its presence in two fast-growing regions, this acquisition has increased the size of its portfolio by 52% from €163.0 million to €247.3 million, on the basis of values excluding transfer taxes as at 30 June 2022.

This extension of the portfolio is reflected by the sharp rise in MRM's annualised net rents from €9.5 million to €15.0 million. The target of annualised net rents of €10.0 million prior to the acquisition has therefore been increased to more than €16.0 million. MRM expects the increase in its rental income to have a positive impact on its net operating cash flow generation and is hoping to improve its profitability in the medium term better absorption of its fixed costs.

Positioned as market leaders within their catchment areas and with physical occupancy rates of 97% and 92% respectively, the Flins-sur-Seine and Ollioules shopping centres present much higher net rental yields than those generated by MRM's portfolio prior to the acquisition. Furthermore, the two properties offer potential for value creation that will enable MRM to roll out its asset management expertise (refurbishment, partial redevelopment, proactive rental management, changes in the retailer mix) across a wider portfolio.