Unibail-Rodamco-Westfield is forming a joint venture with Crédit Agricole Assurances and La Française on a €2.0bn portfolio of five French shopping centres.

The shopping centres owner said it has received an offer from the consortium made up of the French investors Crédit Agricole and La Française to buy a 54.2% stake in a new partnership which will own the Aéroville, So Ouest, Rennes Alma, Toison d’Or and Confluence shopping centres.

Unibail-Rodamco-Westfield will hold the remaining 45.8% stake in the joint venture and will continue to manage the assets through long-term management contracts.

The deal, which is open to new investors, is expected to close by the end of the second quarter.

Christophe Cuvillier, group CEO of Unibail-Rodamco-Westfield, said: “This transaction is fully aligned with Unibail-Rodamco-Westfield’s strategy and is a major milestone in the group’s disposal programme, as well as a tremendous opportunity to establish a long-term partnership with leading investors who recognize the quality and attractiveness of our shopping destinations.

“We are thrilled to form this strategic partnership with Crédit Agricole Assurances and La Française and look forward to working on future growth opportunities with our partners.”

Unibail-Rodamco-Westfield currently owns a portfolio valued at €65.3bn of which 86% is in retail, 6% in offices, 5% in convention and exhibition venues and 3% in services.

The group owns and operates 90 shopping centres, including 55 flagships in cities in Europe and the US.