CBRE Global Investors announces that it has purchased Galeries Saint Lambert from Credit Suisse Asset Management. CBRE Global Investors acted on behalf of its European Shopping Centre Fund ('ESCF') and Credit Suisse Asset Management on behalf of its German Open Ended Fund ('CS Euroreal').
The property provides the most prominent retail destination in the city center with 40,000-m² GLA housing a unique array of tenants such as department store Galeria Inno, electronics retailer MediaMarkt, book & media retailer Fnac, supermarket operator Champion and several multiples such as Esprit, Hema, Blokker, Casa and Bart Smith.
"We are delighted with the addition of Galeries Saint Lambert to our portfolio which is growing exactly in line with our investment strategy - focusing in core markets and core assets.
"We have been very selective in picking our investment opportunities in an incredibly challenging environment but this asset provides all of what we are looking for in an asset: a strong track record, solid recurrent cash flows and is located in one of the most stable real estate markets in Europe," said Florencio Beccar, Fund Manager with CBRE Global Investors.
"The sale of Galeries Saint Lambert is another step in raising liquidity for the fund in order to prepare the reopening of CS Euroreal. It is a premium asset which allowed Credit Suisse to achieve an attractive price for the investors.
"At the same time, we preserve a very high quality in our portfolio which makes us confident that the fund is ideally positioned for stable returns in the future," comments Karl-Heinz Heuss, CEO of Credit Suisse Asset Management Immobilien KAG.
The European Shopping Centre Fund was launched in December 2010 and is a closed-end, seven-year lifetime, private real estate fund that invests in dominant core shopping centers across continental Europe.
The fund seeks to provide investors with Core + returns in the range of 11 13% after payment of all fund level fees and expenses. The Fund has already received equity commitments in excess of 200 million this year.
Source: Citigate Dewe Rogerson