Credit Agricole's Predica insurance unit has acquired Les Vergers de la Plaine shopping centre currently under development in Chambourcy, in the Île-de-France region in central northern France. The centre, which is part of the Porte Ouest major redevelopment project near Paris, has been sold by local developer Sopic for over EUR 110 mln.

Credit Agricole's Predica insurance unit has acquired Les Vergers de la Plaine shopping centre currently under development in Chambourcy, in the Île-de-France region in central northern France. The centre, which is part of the Porte Ouest major redevelopment project near Paris, has been sold by local developer Sopic for over EUR 110 mln.

The complex will offer over 30,000 m2 of retail area and 1,500 parking spaces on completion in early 2012.

Predica was advised by Credit Agricole Immobilier. Sopic, advised by BNP Paribas Corporate Finance, is funding the project with debt provided by Credit Agricole Corporate & Investment Bank, and Credit Agricole Pyrenees Gascogne.

French insurer Predica is a major real estate investor, with recent acquisitions including the purchase of 48 Accor hotels spread across France, Belgium and Germany in an 80/20 partnership with Foncière des Murs (FdM) for EUR 367 mln, reflecting a yield of 6.6%.