Chinese sovereign fund to acquire shopping malls in France and Belgium
According to French newspaper Le Figaro, China Investment Corporation (CIC), a Chinese sovereign fund managing $220bn (€175.5bn) in assets, is going to acquire ten shopping malls from CBRE Investors including eight in France and two in Belgium for some €1.3bn.
A consortium composed of French real estate company Unibail-Rodamco and Dutch property manager Wereldhave was also targeting the malls.
This transaction comes after other recent and massive Chinese investments in France.
In February 2015, China’s Fosun took over French holiday group Club Med and at the end of 2014 whilst a Chinese-led consortium acquired a 49.9% stake in the Toulouse Blagnac Airport in southwestern France from the French government.