AEW Europe has snapped up a portfolio of 10 shopping centres across France and Belgium from CBRE Retail Property Fund Belgium CV, on behalf of a new joint venture partnership between affiliates of the company and a subsidiary of China Investment Corporation (CIC). The purchase price has not been disclosed.
Known as the Celsius Portfolio, the deal concerns two major retail destinations in Belgium and eight French assets which, in total, amount to a footprint of 221,000 square metres. Included in the deal are high profile assets including the Waasland and Wijnegem shopping centres near Antwerp in Belgium, Centre Mayol in Toulon and La Vache Noir in Paris.
A number of leading brands including Zara, H&M, Hollister, Peek & Cloppenburg and Monoprix are already represented in one or more of the centres.
AEW Europe chief executive officer Rob Wilkinson believes the portfolio will prove immensely valuable to the joint venture partnership.
He says; “This is a landmark transaction for AEW Europe which further demonstrates our capacity to secure sizeable and complex investment opportunities for our clients.”
Head of Separate Accounts and Fund Management at AEW Europe Raphael Brault added; “The acquisition of such a high quality portfolio is an important achievement for our platform and it enables us to significantly increase our existing €5.5 billion European retail footprint representing more than two million square metres.”
Clifford Chance, Etude Cheuvereux and Mazars acted as advisors to AEW Eurpoe and CIC.
