Ascencio Acquires retail park is South-East of France for €22.8m

Ascencio acquired the Horizon Provence retail park in Monteux, southeastern France, for €22.8 million (excl. VAT). Covering over 12,000 m², the park hosts around 20 stores focused on quality food retail, including Super U and Maison des Agriculteurs. This is in line with the food centered strategy of Ascencio. Complementary brands such as Krys, Marie Blachère, and Basic Fit enhance the commercial mix. Located in a tourist and residential area in Provence-Alpes-Côte d'Azur, the site benefits from prime visibility along the Avignon-Carpentras main road and proximity to attractions. Fully debt-financed via existing credit lines, the deal is expected to add approx. +1.2% to our EPRA EPS estimates and raises EPRA LTV by 1.7% to approx. 44.0%. This deal finally shows external accretion which is what the market wants from Ascencio. We will update our model, rating reiterated.