Deals
Europe Property M&A at Six-Year High on Klepierre-Corio Deal
This article is for subscribers only.
Klepierre SA sold almost all its Spanish shopping malls three months ago to focus on better spots in Europe. Now, company values are so attractive it’s willing to become Iberia’s second-largest mall landlord as part of its proposed purchase of Corio NA.
Improving economies, pent-up demand and cheap funding costs propelled European real estate deals to their highest number in six years in the first quarter and the next three months topped that. Paris-based Klepierre’s 4.2 billion-euro ($5.6 billion) offer for Corio, announced Tuesday, would be the biggest transaction in Europe’s real estate industry in at least two-and-a-half years.