2025-06-10-Jefferies-Mercialys（MERY）_一笔1.46亿欧元_收益率接近8_的收购_7页_103kb

Mercialys, listed in 2005 as a spin-off from Casino and specializing in French shopping centers, has acquired the Saint-Genis shopping center in Lyon's southwest for €146m. This acquisition, at a price broadly in line with expectations, reflects yields of 7.8%-8%. The 38,500 sqm asset, anchored by Auchan hypermarket, is the second most successful in its group and generates 6.5m visitors annually. The deal is expected to be 4% accretive to recurring EPS and increase loan-to-value (LTV) to 42%. Mercialys is now pivoting from limited investments to a more aggressive acquisition strategy. Jefferies analysts gave a "Buy" rating, with a target price of €13.00, up from €12.74, citing strong targets but noting risks like rising interest rates and retail sales decline.