Allianz Real Estate is said to be in the final stages of negotiations to acquire the Nicétoile shopping centre in France from listed property giant Unibail Rodamco for a price of around €300 mln.
Allianz Real Estate is said to be in the final stages of negotiations to acquire the Nicétoile shopping centre in France from listed property giant Unibail Rodamco for a price of around €300 mln.
According to a news report in French paper Le Figaro, Unibail Rodamco is finalising the sale of the mall ahead of putting a €1 bn portfolio of French shopping centres on the market. US bank Goldman Sachs is said to be managing the sale process.
The Nice mall, including slightly less than 100 shops, provides nearly 23,000 m2 of retail space and attracts around 13 million visitors a year.
The disposals are in line with the group's strategy to focus on major dominant malls and divest smaller retail centres of less than 50,000 m2. Last month Unibail-Rodamco signed a definitive agreement to sell six non-core shopping centres in France to Carmila - the property arm of retail group Carrefour - for €931 mln.
Unibail-Rodamco and Carmila agreed on the sale of BAB 2, Bay 1 and Bay 2, Cité Europe, Labège 2 and Place d'Arc.
The Franco-Dutch group announced earlier this year that it was planning to sell between €1.5 and €2 bn of non core retail assets.
Both Unibail Rodamco and Allianz Real Estate declined to comment on the market rumours.
