TMW Pramerica acquires LE 31 Shopping Centre on Rue Béthune in Lille, France

3 Jun, 2009, Lille, France

The investment company TMW Pramerica Property Investment GmbH has acquired LE 31, a shopping centre located in the heart of Lille in France (agglomeration of more than 1 million inhabitants) for two of its special funds: EuRetail and BTI.

The purchase was carried out by way of a joint venture for the two funds at approximately €160M. Foruminvest France, which developed the shopping centre, will continue to manage the property in the long term on behalf of the new owner.

Foruminvest France is a subsidiary of the Dutch group Foruminvest; investor, developer and property manager which specialises in town centre shopping centres.

LE 31 is located on Rue de Béthune, which is the fifth busiest street in France with more than 25 million pedestrians per year. Since its opening in September 2007, the shopping centre has been fully let to retailers Galeries Lafayette, Adidas, Darty, La Grande Récré, Grand Optical, Pull & Bear and Bershka.

Boasting an underground car park run by Q-Park comprising 585 parking spaces, the shopping centre offers shop units of between 395 sq.m and 15,800 sq.m (Galeries Lafayette) and a total lettable area of 22,000 sq.m. The centre also provides 600 jobs.

On the basis of a net yield of 6.05%, the sale has confirmed the Foruminvest Group strategy and will reinforce its development of further high potential schemes throughout Europe.

The purchaser was advised by ALLEZ & ASSOCIES and FRESHFIELDS. The vendor was advised by K L & ASSOCIES and LEFEVRE PELLETIER & ASSOCIES.

The sale was structured by CUSHMAN & WAKEFIELD which was instructed by the vendor on an exclusive basis.

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