Listed property investment and development company Ciref announced on Thursday that it is planning to raise between £20mln (EUR 29 mln) and £30mln of equity to fund a retail joint venture with UK's Modus Properties.
Listed property investment and development company Ciref announced on Thursday that it is planning to raise between £20mln (EUR 29 mln) and £30mln of equity to fund a retail joint venture with UK's Modus Properties.
Under the partnership, Ciref and Modus will transfer six joint venture shopping centre developments to a jointly-owned vehicle. The new JV will then own assets valued at £1.5bn. With this operation, Ciref is securing Modus' retail asset management expertise on an ongoing basis, the company said in a statement.
Ciref said it will be taking advantage of the new interesting opportunities in the market, which include investment in listed property companies and acquisitions from forced sellers. 'As a consequence of the recent turmoil in financial markets, a number of listed property companies are trading at discounts of around 30% of net asset value,' Ciref said.
