Investors - JUNE 22, 2015

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CIC buys European retail portfolio

by Andrea Waitrovich

The $653 billion sovereign wealth fund China Investment Corp. is under contract to purchase 10-property portfolio of European retail assets from CBRE Global Investors. An official announcement has not been released; however, Real Capital Analytics estimates the sales price to be €1.22 billion ($1.39 billion).

Assets include two properties in Belgium: the 493,874-square-foot Waasland shopping center with a €235 million ($266.9 million) sales price and the 656,604-square-foot Wijnegem shopping center with a €312 million ($354.9 million) sales price. The portfolio was placed on the market at the start of the year.

The Waasland center, located in Sint-Niklaas near Antwerp, is 100 percent owned by CBRE Retail Property Fund France Belgium, while insurance company AXA also owns 50 percent of Wijnegem shopping center, located on the other side of Antwerp. 

The acquisition also marks the Chinese investor’s first real estate deal in Fr

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