The Crown portfolio, currently Europe’s largest retail package for sale, won half a dozen bids last week largely from US opportunistic investors, PropertyEU has learned.
The Crown portfolio, currently Europe’s largest retail package for sale, won half a dozen bids last week largely from US opportunistic investors, PropertyEU has learned.
US private equity firms Starwood Capital and Blackstone as well as London-based Orion Capital Managers are believed to be three of six investors in the race to acquire the 233,500 m2 portfolio, having submitted offers of between €500 and €600 mln.
A number of institutions have also expressed interested in the individual assets, according to those who track the market.
In total, the portfolio comprises 10 assets across Spain (3), Italy (3), France (2), Belgium (1) and Germany (1). These are the Miramar retail park and shopping centre in Fuengirola, Spain; L'Aljub shopping centre in Alicante, Spain; the Serravalle retail outlet in Alessandria, Italy; the Metropolis shopping centre in Cosenza, Italy; Centro Navile in Bologna, Italy; Shopping Cité Baden Baden in Northern Germany; Parc Commercial de l'Hydrion in Arlon, Belgium; Plein Air in Le Blanc Mesnil, France; and Centre Sud in Le Mans, France.
CBRE is managing the sale process on behalf of the owner, Henderson’s former Herald Fund, which is nearing maturity. Herald, structured as a closed-ended Luxembourg Fonds Commun de Placement (FCP), matures in 2015 with a two-year wind-down period.
The deal is expected to be completed in 2016.
