Klepierre plans to buy out mall partners in expansion drive

[LONDON] Klepierre SA plans to spend as much as 500 million euros (S$857 million) a year on expansion and the shopping-mall landlord is considering using some of the money to get a bigger piece of what it already has.

The Paris-based company, whose largest shareholder is Simon Property Group Inc, may buy out some partners in jointly owned shopping centres as it focuses on the highest quality properties in regions with growing populations, CEO Laurent Morel said in Paris.

"There's an opportunity for us to buy minority stakes from partners," said Mr Morel, 51. He cited the acquisition last year of a 50 per cent stake in a mall in Montpellier, France, from Icade SA that gave Klepierre full ownership.