In short: Owned "for a while" — "one of the largest mall companies in France." The landlord-over-tenant expression outside North America, and a live consolidation candidate: Simon Property already holds a ~20% stake.
Klépierre is one of the largest shopping-mall owners in France, and Wealhouse has held it "for a while." It's the European expression of the same trade as Primaris: buy the landlord, not the tenant, at a discount to what the properties are worth, in a world where nobody is building new malls and the surviving tenants are financially stronger than the ones that went bankrupt.
There's a consolidation angle too. Simon Property Group, the biggest US mall owner, already owns about 20% of Klépierre — so an obvious strategic buyer is already sitting on the register.
37:11Well, it's not a mall company. It's more service retail, very quality company. So, I think right now that retail again when we do channel checks, so to speak, and we talk to simple power of the landlord versus power of the tenant, the pendulum has swung, right? The Amazon effect was real, right? 10 years ago, we wake up, Amazon buys Whole Foods.
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