Klépierre to Buy Remaining 50% of Italian Retail Portfolio Including Il Leone for €196 Million

Klépierre has agreed to acquire its joint-venture partner's remaining 50% stake in a shopping center portfolio that includes Il Leone, a retail destination in Lombardy, Italy, for a total of €196 million. The Paris-based owner of continental European malls signed a binding agreement on Oct. 15, 2026, and said the debt-financed transaction is expected to close by Dec. 31, 2026.

The company announced the deal on Oct. 21 alongside its nine-month 2026 results, in which it also raised its full-year earnings targets. Klépierre said the acquisition is expected to be highly accretive from the first day.

Klépierre Acquisition: Deal Details

The transaction gives Klépierre full ownership of the assets in the portfolio. Italian reporting identifies the joint-venture partner as Finiper and indicates the portfolio includes both Il Leone and Destriero, with the assets expected to be held through Klépierre Nederland.

The purchase is financed with debt. Klépierre said the deal will further increase its exposure to Southern Europe, which the company describes as its largest and fastest-growing region.

About Il Leone Shopping Center

Il Leone, also known as Il Leone di Lonato, is located at Via Mantova, 36, in Lonato del Garda, in the province of Brescia. The center sits on the shore of Lake Garda, an area Klépierre characterizes as having high purchasing power and a major tourist draw.

The complex comprises 60,000 square meters of gross leasable area, or roughly 645,800 square feet. Tenants include Zara, Lefties and other Inditex brands, Apple, Sephora, Decathlon and Pellizzari. Klépierre said the center benefits from high retail density and a mix of must-have brands.

The company plans to launch a value-creating extension project to improve the center's food and beverage offering and add a new entertainment component.

Nine-Month Results and Raised Guidance

Klépierre reported that net rental income rose 4.6% in the first nine months of 2026 compared with the same period in 2025, driven by 3.8% like-for-like growth and contributions from the acquisitions of Casamassima in Italy and Aqua Portimão in Portugal. Total revenue for the period was €1,257.1 million, up from €1,213.4 million a year earlier.

Other operating metrics for the nine months included:

• EBITDA of €813.8 million on a total-share basis, up 5.4% year over year.
• Net current cash flow per share of €2.08, up 4%.
• Footfall up 1.1% and like-for-like tenant sales up 3.9%.
• Financial occupancy of 97.1%, up 10 basis points from a year earlier.
• Rents up 5.5% on renewals and relettings.
• Mall income up 13.6%.

The company said every region and segment recorded growth in tenant sales, with Southern Europe again posting a notable performance and health and beauty remaining the top category.

Citing continued confidence in its operating and financial performance despite geopolitical and macroeconomic volatility, Klépierre raised its 2026 targets. It now expects EBITDA of at least €1,165 million and net current cash flow per share of €2.83.

Financing and Balance Sheet

Klépierre raised €1,060 million of new long-term financing during the period at an average yield of 3.81% and an average maturity of seven years. That included an eight-year, €500 million green bond maturing in September 2034 with a 3.875% coupon.

As of Sept. 30, 2026, the company reported net debt to EBITDA of 6.6x and an interest coverage ratio of 7.0x. Its average cost of debt was 1.9%, and its average debt maturity was 6.1 years. Net debt was €7,312 million, compared with €7,352 million at June 30, 2026. Liquidity stood at €2,949 million, covering 4.5 years of maturities, and 2027 refinancing needs are fully covered. S&P rates the group A- with a stable outlook, and Fitch rates its senior unsecured debt A with a stable outlook.

Market Context

Klépierre said demand for high-quality, profitable retail space remains strong while the supply of new space is scarce, a backdrop it said continues to benefit its portfolio. Southern Europe recorded 4.3% growth in the first half of 2026, with Italy accelerating in the second quarter.

Beyond Il Leone, Klépierre is advancing extension projects at Le Gru in Turin and Romagna in Rimini, both in Italy. The company's portfolio was valued at €21.8 billion as of June 30, 2026, and spans more than ten countries in continental Europe.

Klépierre is scheduled to report its 2026 annual results on Feb. 24, 2027, after the close of trading.

Sources

• Klépierre press release, GlobeNewswire, Oct. 21, 2026: https://www.globenewswire.com/news-release/2026/10/21/3385101/0/fr/dynamique-d-activit%C3%A9-soutenue-et-r%C3%A9vision-des-objectifs-%C3%A0-la-hausse.html