Search
 

MACIF Raises $550-Mil From Ten Shopping Malls

PARIS-The French mutual insurance company MACIF has sold its portfolio of ten European shopping centres to the Dutch property company Corio. The sale of the assets in France, Italy and Spain marks the start of MACIF's withdrawal from the retail sector.

By Graham Parker | Updated on November 12, 2001

PARIS-MACIF, the French mutual insurance company, has sold a portfolio of ten shopping malls to the Dutch property company Corio for €595 million ($536 million). This shows the purchaser an overall net initial yield of 6.7%.

The portfolio comprised five French malls in Cherbourg; Issy-les Moulineaux; Ivry, Laval and Montreuil; three Italian malls in Bologna; Modena and Turin and two Spanish malls in Madrid and Valencia. The three Italian properties account for over half of the capital value of the transaction. Also included in the sale was an office building in Madrid, Spain.

The disposal was structured through the sale of the entire share capital in the property company Foncière Européenne de l’Etoile and the management company Trema to Corio’s French subsidiaries.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.