Date
30 March 2017
La Vache Noire in France is said to be among the commercial properties being acquired by China's sovereign wealth fund. Photo: Wikimedia Commons
La Vache Noire in France is said to be among the commercial properties being acquired by China's sovereign wealth fund. Photo: Wikimedia Commons

CIC buys Europe shopping mall portfolio for 1.3 bln euro

China Investment Corp. (CIC), the nation’s sovereign wealth fund, has acquired a shopping mall portfolio in Europe for about 1.3 billion euro (US$1.44 billion), the Wall Street Journal reported.

The portfolio, comprising 10 shopping centers in France and Belgium, was bought from CBRE Global Investors, the report said, citing company statements.

CIC acquired the properties along with an affiliate, AEW Europe, marking one of its biggest such deals in Europe.

Chinese investors have been snapping up international property in the recent past as they seek to diversify their holdings.

In the past 12 months, they purchased US$4.7 billion of real estate in Europe, including the latest CIC deal, according to one estimate.

In April, Shanghai-based conglomerate Fosun Group bought an office building in Milan for US$372 million.

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