AMSTERDAM, 13 July 2015 – 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 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.
Sophie van Oosterom, Chief Investment Officer EMEA, CBRE Global Investors said: “This transaction is a great achievement for our platform and clearly demonstrates our strong capabilities of executing on a focused investment strategy and creating value for our clients.”
Marc Reijnen, Fund Manager RPFFB, CBRE Global Investors added: “The fund has delivered an exceptional performance for the limited partners. Active asset management and asset rotation has resulted in a total return well in excess of the target IRR of 9.5% to our clients over the 12 year lifetime of the fund. In total the fund acquired and sold 26 retail assets, of which many were refurbished or extended to create additional value.”
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.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.