Credit Suisse Asset Management has put a €1.2 bn portfolio of European shopping centres on the market, well-informed market sources confirmed to PropertyEU.
The asset manager is believed to have hired Eastdil to market the package which is understood to include a dozen assets including the €70 mln Le Cupole retail scheme near Milan and the €242 mln Le Befane mall in Rimini, as well a number of major shopping centres in Germany.
The sale, which was first reported in March by EuroProperty, is part of the planned liquidation of the CS Euroreal and CS Property Dynamic open-ended funds, which are due to complete the sell-off by April and January 2017 respectively.
CS Euroreal currently still owns a portfolio of around 30 properties valued at €1.9 bn, including shopping centres in Germany such as the Rathaus Galerie in Essen, last valued at over €137 mln, the €210 mln Rathausgalerie in Leverkusen with 36,500 m2 of retail and office space, and the €139 mln Mercado in Nuremberg.
CS Property Dynamic’s remaining portfolio consists of six assets with a value of less than €200 mln, including the €51 mln Spitzkrug Multi Center in Frankfurt, Germany, and the Lublanska 38 mixed-use in Warsaw, which was last valued at €49 mln.
In early April Credit Suisse divested the entire Dutch portfolio owned by the two funds to New York-based hedge fund Marathon Asset Management. The Maxima portfolio, providing around 140,000 m2 of commercial space in total, had a market value of €380 mln.
