Foruminvest France has sold shopping center 'Le 31' in Lille, to two special funds from Pramerica, the German investment fund from Munich. The acquisition price is well above 150 million and the yield around 6.0%. Negotiations became serious in autumn 2008 and the closing was May 29, 2009.
Le 31 shopping center in Lille, France.
Le 31 is a core development with 22,000 m² GLA of retail and 600 parking spaces, in the best location of the busiest pedestrian high street in the north of France, the Rue de Bethune in Lille.
Main tenants are Galeries Lafayette, Inditex, Adidas, Darty, Q-Park and Forum TV, the TV-channel launched by Foruminvest for its own shopping centers, providing entertainment, sports, news and local information.
This is the first major retail transaction in France after the fall of Lehman Brothers in October 2008, and therefore a welcome and important indicator for the actual market value of today, for comparable first class shopping centers.
Cushman & Wakefield advised Foruminvest on the sale of Le 31.
Foruminvest expects to start construction in Q4 2009 on its second development in France, Les Terrasses du Port in Marseille, located in the city center, on the sea shore, next to the old port. With 52,000 m² of GLA and 3,000 parking spaces, this will be the largest inner-city shopping center in Marseille. Main tenants include H&M, ZARA, Esprit, Apple Megastore and Decathlon and 60% of the 170 shops have been let.
Foruminvest has offices in the Netherlands, Belgium, France, Italy and Turkey and focuses on dominant shopping center developments in middle-sized and large cities, with a strong catchment area.
Source: Foruminvest B.V.