AEW Europe and CIC have completed on the Celsius portfolio using a €670m (£475m) finance package from ING and Natixis.
The loan represents a sub 50% loan-to-value ratio on the €1.3bn portfolio the pair won in July.
The portfolio was sold by the CBRE Retail Property Fund France Belgium and contains interests in two shopping centres near Antwerp in Belgium and eight assets located across France.
In addition, the portfolio contained a number of smaller retail parks and factory outlets.
Prime assets included La Vache Noire shopping centre in Paris and Centre Mayol in Toulon.
