Austrian SES Spar European Shopping Centres and Germany-based Allianz Real Estate are planning to launch a JV including a portfolio of seven shopping centres in Austria, Slovenia and Italy.
Both companies will hold a 50% stake in the JV, which is expected to be established on 1 July 2013. SES aims to release capital through the platform in order to realise expansion plans.
The shopping centres have been developed by SES and the company will continue to carry out asset management of the portfolio.
According to Richard Bloxam, head of European capital markets at adviser Jones Lang LaSalle: “We were able to demonstrate a wide range of skills and market knowledge to help bring the joint venture parties together in a successful and exciting new partnership. We are very proud to be associated with this joint venture.”
