Saturday, June 14, 2008

Rexel Completes EUR 62 Million Sale Leaseback of Six Warehouse Distribution Properties in France

Rexel Web Site - June 12, 2008

Rexel France has concluded a sale-and-leaseback agreement with Gecina Group for seven logistics platforms located in specialized logistics hubs on major trunk roads. The transaction is part of the Rexel Group’s strategy of leasing its commercial and logistics sites so as to be able to continuously adapt its real estate portfolio to market evolutions.

This transaction reduces Rexel's debt by 62 million euros, of which 38 million euros were already reflected in the Q1 2008 consolidated balance sheet. The remaining 24 million euros will be accounted for in the Q2 2008 consolidated balance sheet.

These seven logistics platforms, which represent a constructed area of nearly 125,000 m², are located in Nancy (Champigneulles), Lyon (Saint-Vulbas), Marseille (Miramas), Toulouse (Tournefeuille), Nantes (Saint-Herblain), Rouen (Grand-Quevilly) and OrlĂ©ans (Meung-sur-Loire).

Six of these platforms were leased back by Rexel France under a commercial lease, whilethe Saint-Vulbas platform will be transferred to a new, larger building in the same Plaine del’Ain logistics hub.

Rexel France was advised in this transaction by the property expert Schneider
International and the Field Fisher Waterhouse law firm. Sphere: Related Content

No comments:

Wikinvest Wire