TMW Pramerica acquire LE 31 Shopping Centre located on Rue Béthune in Lille (France)

2 Jun, 2009,

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

The purchase was carried out by way of a joint venture for the two funds at approximately 160 M €. Foruminvest France who 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 specialised 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 their 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 who were instructed by the vendor on an exclusive basis.

Notes to Editors:
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 230 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.fr

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