Chinese Wealth Fund Acquires European Property In 1.3 Billion Euro Deal

A partnership between a subsidiary of China Investment Corporation and affiliates of AEW Europe has acquired a sizeable portfolio of ten shopping centres in France and Belgium. The portfolio was sold by CBRE Global Investors on behalf of its CBRE Retail Property Fund France Belgium CV (RPFFB).

The portfolio - which is valued over EUR 1.3 billion 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.

 

 

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