Mall sales: US firm seeks to raise $1.4b

PARIS: US real estate investment management firm CBRE Global Investors aims to raise 1.2 billion euros ($1.4 billion) by selling 10 shopping malls in France and Belgium, according to French newspaper Le Figaro. The shopping centres include La Vache Noire, in the Parisian suburbs, and Mayol, in the southern city of Toulon, as well as two malls in Belgium, the newspaper reported on Saturday. Le Figaro said CBRE, which has $90.6 billion of assets under management, wanted to sell the malls because the fund for which it was operating them matures this year and investors need to be repaid. The firm expects indicative offers by the end of the month, the paper added. Los Angeles-based CBRE Global Investors’ European marketing manager was not immediately reachable for comment. The newspaper said investment bank Morgan Stanley had been picked to help with the sale.

Published in The Express Tribune, February 22^nd, 2015.

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