French listed office group Foncière des Régions has sold its entire 7.65% interest in retail property firm Altarea Cogedim to Crédit Agricole Assurances for €115 mln.
French listed office group Foncière des Régions has sold its entire 7.65% interest in retail property firm Altarea Cogedim to Crédit Agricole Assurances for €115 mln.
In a statement on Tuesday, Paris-listed FdR said 'the disposal underlines the company's strategy, which is focused on positioning the group on offices and key accounts, and on pursuing a policy aimed at simplifying its organisational structure'.
FdR has a portfolio worth around €10 bn, largely focused on offices.
According to Altarea's website, Crédit Agricole Assurances already owned a 19% stake in the company and will control nearly 27% of the company's share capital following the transaction.
Altarea Cogedim is a retail property developer and owner focused on shopping centres in France, Spain and Italy. Listed on NYSE Euronext Paris, the company has a shopping centre portfolio valued at €4 bn.
