France's Galeries Lafayette said it has entered into exclusive negotiations with a joint venture of retail specialist Altarea, and insurance companies APG and Predica, on the sale of Aldeta, the listed company owning the Cap 3000 shopping centre in Saint-Laurent du Var, near Nice.

France's Galeries Lafayette said it has entered into exclusive negotiations with a joint venture of retail specialist Altarea, and insurance companies APG and Predica, on the sale of Aldeta, the listed company owning the Cap 3000 shopping centre in Saint-Laurent du Var, near Nice.

'An exclusivity period of eight days has been fixed to allow the parties to elaborate a final accord within this period,' Lafayette said. Trading in Aldeta shares has been suspended until the end of the negotiations, which should be finalised by the end of this week.

PropertyEU reported in early March that Galeries Lafayette was selling its landmark shopping centre in Nice through HSBC for a price of around EUR 450 mln, reflecting a yield of 5.5%. Other bidders for the scheme were a joint venture of US private equity group Carlyle and Mercialys, Unibail-Rodamco, and Klépierre.