Increased state investment fund China bought 10 shopping centers in France and Belgium by around € 1.3 billion ($ 1,440,000,000), one of its biggest acquisitions in Europe. China Investment Corp., together with affiliates AEW Europe, bought the shopping center portfolio of CBRE Global Investors, according to company statements.
Chinese investors have been collecting international property in an attempt to diversify their holdings. In Europe, they bought $ 4,700,000,000 of property in the last 12 months, including this latest agreement CIC, according to Real Capital Analytics.
The level of investment is on par with the previous 12 months. But as Chinese investors become more familiar with the European market, considering increasingly active beyond the cornerstone cities like London and Paris.
The main Asian investors "are looking for a wider range of investments," said Sophie van Oosterom, chief investment officer at CBRE Global Investors, which manages over $ 87 billion of real estate assets. CIC latest agreement includes two prominent malls near Antwerp, Belgium. The other eight shopping centers were in France, including La Vache Noire in Paris.
Chinese conglomerate Fosun Group earlier this month promoted expansion plans in European ownership, forming a joint venture with Resolution Property Investment Management UK LLP. It Fosun based in Shanghai in April bought an office building in Milan for $ 372 million, according to Real Capital.