CBRE Global Investors sells ten shopping centres in France and Belgium (FR/BE)

CBRE Global Investors announces it has successfully closed the sale of a sizeable portfolio of ten shopping centres in France and Belgium last week. The portfolio was sold on behalf of its CBRE Retail Property Fund France Belgium CV (RPFFB) to a partnership between a subsidiary of China Investment Corporation and affiliates of AEW Europe.
The portfolio - which is valued over €1.3 bln by RPFFB - comprises interests in two dominant prime shopping centres in Belgium, Waasland and Wijnegem, which are both located near the city of Antwerp. The remaining eight assets are located across France, including the large urban shopping centres La Vache Noire in Paris and Mayol in Toulon, as well as inner-city shopping centres, a retail park and a group of high street retail assets.
The portfolio, which attracted significant interest, was marketed as of January this year with the objective to maximize value and create liquidity for the fund’s limited partners ahead of the fund’s termination date later this year. With this sale the full wind down of the closed end fund that was launched in 2003 has been completed.
Morgan Stanley acted as sole financial advisor to RPFFB. In addition, White & Case, Loyens & Loeff, PWC, Allez and Associes and Fairway acted as advisors on the transaction.

Source: CBRE Global Investors