COVIVIO HOTELS (EPA:COVH) - Foncière des Murs and Crédit Agricole Assurances announce their acquisition of a portfolio of 32 Campanile hotels
Transparency directive : regulatory news
01/06/2011 14:04
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Press release
Foncière des Murs and Crédit Agricole Assurances announce their acquisition of
a portfolio of 32 Campanile hotels
Paris, 1st June 2011 - Foncière des Murs and Crédit Agricole Assurances'
subsidiaries Predica and Pacifica announced on 25 May last that they had
finalised the acquisition of a portfolio of Campanile hotels from the Louvre
Hôtels group.
The portfolio comprises 32 hotels, all in France, offering over 2,400 rooms. The
total deal is worth 170.4 million euros (including work on the properties), with
80.1 per cent coming from Predica and Pacifica, and the remaining 19.9 per cent
from Foncière des Murs.
Through its subsidiaries, Louvre Hôtels retains ownership of the business
assets and management of the hotels, which will continue to be run under the
Campanile brand. Campanile is Louvre Hôtels' flagship brand, positioned on the
two-star segment and present in nine European countries. The deal includes the
signature of twelve-year firm leases, renewable six times, with triple net rents
calculated based on revenues.
This real estate partnership between Foncière des Murs, Predica and Pacifica
forms part of their strategy of diversifying in a buoyant sector offering
healthy returns. By finalising this deal with Louvre Hôtels, Foncière des Murs
is also affirming its role as the partner of choice for major hotel operators
and pursuing its dynamic growth in this sector.
About the Crédit Agricole Assurances Group
The Crédit Agricole Assurances Group is the European leader in bancassurance
and the No. 2 life insurer in France by premium income. It handles all the
Crédit Agricole Group's French and international insurance activities and
comprises Predica for personal insurance, Pacifica for non-life insurance, CACI
for creditor insurance, the international insurance subsidiaries, Caagis for IT
management and services, and Spirica and LifeSide Patrimoine for life and
savings insurance.
Key figures for the Crédit Agricole Assurances Group (at 31 December 2010):
EUR29.7 billion in premiums
EUR218.5 billion in underwriting reserves
EUR1.4 billion in consolidated net income
More than 3,200 employees
www.ca-assurances.com
About Foncière des Murs
Foncière des Murs SCA, a subsidiary of Foncière des Régions, is a listed real
estate investment trust (SIIC) specialising in business premises, primarily in
the hotel, catering, health and leisure sectors. At 31 December 2010, the
company's total assets were valued at 3.1 billion euros. Its investment policy
focuses on partnering with leading firms in each sector so as to offer
shareholders a regular yield on investment.
Foncière des Murs is listed on Euronext Paris, Compartment A of the Eurolist
market (FR0000060303 - FMU). www.foncieredesmurs.fr
Press contacts
Crédit Agricole Assurances
Elise Bouteiller - Phone + 33 (0)1 43 23 80 71
Camille Langevin - Phone + 33 (0)1 57 72 73 36 service.presse@ca-assurances.fr
Foncière des Murs
Cécile Boyer - Corporate Secretary
Phone +33(0)1 58 97 54 47
cecile.boyer@fdr.fr