Altarea, Predica and ABP have set up a new company called AltaBlue, in which they will each hold one-third of the capital, to acquire Galeries Lafayette's 99.8% stake in Aldeta. AltaBlue has agreed to pay $14.07 per share in cash for the stake, although the final figure may be adjusted to take account of Aldeta's financial statements at the end of June. An exceptional dividend of around $5.04 per share is due to be paid before ownership is transferred. Once the 99.8% stake has been transferred, AltaBlue will propose to buy out minority shareholders at a price of at least $14.07 per share. The deal remains subject to approval from the relevant anti-trust authorities.

Altarea's chairman and founder Alain Taravella said the acquisition demonstrates the company's ability to position itself in regional shopping centres offering considerable potential. "More than ever, shopping centres are the group's main focus," he said. Altarea said the acquisition constitutes a strong sign for the investment market, which is showing clear signs of long-term investor confidence in the shopping center sector.

The Cap 3000 deal also fits the strategy of Crédit Agricole's insurance unit Predica and Dutch pension fund ABP. "The investment project is part of Predica's real estate investment policy, which in 2010 is focused squarely on market opportunities for high quality assets," said Bernard Michel, CEO of Crédit Agricole Assurances. "We feel that CAP 3000 meets those objectives perfectly. It is unique in both the French and European commercial real estate sectors."