Release details

2018-05-16 07:30 CEST
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MRM : Disposal of the Nova building in La Garenne-Colombes for €38 million (excluding transfer taxes)

        Press release

Disposal of the Nova building in La Garenne-Colombes for €38 million (excluding transfer taxes)

  • The transaction marks MRM's effective withdrawal from the offices segment and its sole focus on retail properties

Paris, 16 May 2018: MRM (Euronext code ISIN FR0000060196), a real estate investment company specialising in retail property, announced today the disposal of Nova, an office building located at the heart of the new business district in La Garenne-Colombes, close to La Défense. The building is 81% occupied and has been sold to an investment vehicle owned by the TwentyTwo Real Estate and Massena Partners groups for €38 million (excluding transfer taxes).

After a comprehensive redevelopment completed in 2012, the building obtained HQE/NF tertiary building, HQE Exploitation and BREEAM in Use certifications. Nova is a multi-tenant building with 10,600 sqm of office space across 17 floors, with communal services on the ground floor (canteen, cafeteria and meeting rooms) and 254 parking spaces. For tenants, Nova is functional, simple to use and easily accessible due to the numerous forms of public transport available in the vicinity of the building.

Nova was MRM's last remaining office building in operation, and this transaction marks the completion of MRM's move to refocus on owning and managing retail properties, which began in June 2013. It takes the total amount of office disposals carried out by MRM since then to €126 million.

MRM reminds that it has a €35 million investment plan underway for its retail portfolio, covering seven of its nine existing properties. Investment programmes have been launched gradually since 2016; the largest of them - the extension of the Valentin shopping centre near Besançon - is expected to be completed in 2019.

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In relation to the disposal of the Nova building, MRM was advised by Cushman & Wakefield and by Maître Olaf Déchin at notary firm ADDH. The buyer was advised by Scaprim Asset Management, Clifford Chance and the notary firm Allez & Associés.

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MRM's general meeting of shareholders will take place at the company's head office at 10am on 31 May 2018.
Revenues for the second quarter of 2018 and first-half 2018 results are due to be published on 27 July 2018 before the market open and will be presented during an information meeting to be held on the same day.

About MRM

MRM is a listed real estate investment company that owns and manages a portfolio in France consisting primarily of retail properties across several regions of France. Its majority shareholder is SCOR SE, which owns 59.9% of share capital. MRM is listed in Compartment C of Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM: FP - Reuters code: MRM.PA). MRM opted for SIIC status on 1 January 2008.

For more information:

5, avenue Kléber
75795 Paris Cedex 16
T +33 (0)1 58 44 70 00
Isabelle Laurent, DDB Financial
T +33 (0)1 53 32 61 51
M +33 (0)6 42 37 54 17