Foruminvest to develop in France

Dutch property developer Foruminvest is to invest EUR 610 mln in the development of two large shopping centres in France, scheduled to open in 2012.

In an interview with PropertyEU, CEO Michel Riaskoff said that the company is looking to do more in the country after having successfully disposed of its first French project recently - Le 31 shopping centre in Lille.

'Our experience in the French market is extremely positive. As an example, we have increased the pre-let space in our project in Marseille from 40% to nearly 60% since autumn last year,' Riaskoff said. The company sold Le 31 mall to two institutional specialised funds managed by TMW Pramerica; EuRetail and BTI. The EUR 160 mln transaction, reflecting a yield of 6%, was the first large shopping centre deal in the country since the collapse of Lehman Brothers in the autumn of 2008.

The full article on Foruminvest appeared in PropertyEu Week Edition on 10 June. Click on the link below to subscribe to the full ProeprtyEU package.