Immochan and Alaska Permanent Fund forms strategic partnership (EU)

Immochan and Alaska Permanent Fund Corporation (APFC) represented by CBRE Global Investors, have entered into a strategic joint venture, with the first investments being joint ownership of two existing shopping centers in Spain and Portugal, in a transaction valued at around €280 million. The transactions are APFC’s first investments in Continental Europe.
Under the partnership agreement, APFC will acquire from Immochan 50% of shares of companies holding these two assets: Zenia Boulevard, a 83,000 m² regional shopping center located in the province of Alicante and Alegro Alfragide a 39,000 m² shopping center located in Lisbon. Both Centers are an example of the new generation of high quality shopping centers developed and managed by Immochan. Other investments will potentially be added to the strategic joint venture.
Immochan will continue as property manager. Asset management will be shared between Immochan and CBRE Global Investors.
The transaction is due to close shortly, pending regulatory approvals.
The objective of the partnership for Immochan is to support its growth strategy which includes the development of 70 new shopping centres and extensions over the next three years, with a total investment plan of over €1.7 billion.
Mike Burns, CEO and Executive Director, Alaska Permanent Fund commented: “We are excited about the opportunity to team up with Immochan in our first high quality retail acquisitions in Spain and Portugal. We look forward to expanding this strategic partnership as we work to build out our portfolio across the region.”
Myles Sanger, Portfolio Manager, CBRE Global Investors commented: "We are seeing a growing trend of cross-border capital flow and with this being APFC’s first investment in Continental Europe, it is another strong indicator of investors looking to diversify their portfolios abroad.”
Stephane Leverger, Director of Investments and Asset Management, Immochan commented: “Entering into a strategic joint venture with the Alaska Permanent Fund is consistent with the evolution of Immochan development which aims to build a strong and lasting relationship with public and private investors. We are thrilled to have been able to partner with APFC and CBRE Global Investors in this important operation that holds the promise of bringing future success and development projects for Immochan, the real-estate sub­sidiary of Groupe Auchan.”
Source: Immochan