Asset manager CBRE Global Investors is understood to be marketing the shopping centre portfolio owned by its Retail Property Fund France Belgium (RPFFB) as part of the fund’s liquidation programme.

Asset manager CBRE Global Investors is understood to be marketing the shopping centre portfolio owned by its Retail Property Fund France Belgium (RPFFB) as part of the fund’s liquidation programme.

CBRE GI is believed to have hired Morgan Stanley to sell the 10-property portfolio which includes La Vache Noire in Arcueil, Mayol in Toulon, Marques Avenue de Troyes as well as Bosquet in Pau, France.

In Belgium the fund owns interests in Wijnegem and Waasland near Antwerp, two of the country’s most successful shopping centres which are believed to be valued at a total of €600-700 mln.

The sale, which was first reported by French paper Le Figaro, is expected to fetch some €1.2 bn.

CBRE GI declined to comment on the disposal.

RPFFB, which counts GIC, ABP and Bouwfonds among its shareholders, reaches maturity at end-2015 after its investors decided not to extend the life of the fund.

The disposal follows RPFFB's sale in July last year of its 50% stake in the Espace René Coty shopping centre in the Northern French port city of Le Havre to Dutch financial Group ING's Nationale-Nederlanden insurance arm for €63 mln. Nationale-Nederlanden currently owns the mall jointly with French retail specialist Klépierre.