Having entered into exclusive negotiations on 27 April 2010, Altarea, a REIT focused on shopping centres and a multi-product developer, in association with Dutch pension fund ABP, and Predica, Crédit Agricole Assurances’ personal insurance subsidiary, finalised an agreement on 7 May 2010 concerning the transfer of ownership of Aldeta by the Galeries Lafayette Group.
Altarea, ABP and Predica will acquire the Cap 3000 Regional Shopping Centre in Saint-Laurent du Var (Alpes-Maritimes), the only property owned by Aldeta, via AltaBlue, with each partner holding one-third of share capital.
Under the agreement, AltaBlue will pay cash, based on a price of €11.08 per share, which may be adjusted according to the definitive financial statements to 30 June 2010, for all of the Aldeta shares owned by the Galeries Lafayette Group, representing around 99.82% of the company’s share capital. The agreement provides for an exceptional dividend of around €3.97 per share before ownership is transferred. The deal values Cap 3000 at €450 million, representing an initial net yield of 4.65%.
