APFC forms partnership to invest in continental Europe
The Alaska Permanent Fund Corp. has formed a partnership with Immochan, a subsidiary of Groupe Auchan. CBRE Global Investors, on behalf of APFC, invested in two shopping centers in Spain and Portugal in properties valued at a total of €280 million ($350 million).
The transactions mark APFC’s first investments in continental Europe. CBRE Global Investors was awarded the continental European separate account mandate by APFC in January 2014. The mandate is to build a core/core-plus real estate portfolio in continental Europe.
Under the partnership agreement, APFC will acquire from Immochan 50 percent of the shares of companies holding two assets: Zenia Boulevard, an 893,404-square-foot regional shopping center located in the province of Alicante, Spain, and Alegro Alfragide, a 419,792-square-foot shopping center located in Lisbon.
Zenia Boulevard is 100 percent leased. Major tenants include Alcampo Hypermarket, Leroy Merlin, Decathlon, Confora