Jones Lang LaSalle has advised SES Spar European Shopping Centres on the formation of a new 50% Joint Venture with Allianz Real Estate in a portfolio of seven shopping centres in major cities in Austria, Slovenia and Italy.
The alliance is SES’s first major joint venture and will see them share a 50% stake in the shopping centres. The alliance is expected to be formed on 1st July 2013. Jones Lang LaSalle Corporate Finance also provided advice for the joint venture.
SES will continue to carry out centre and asset management of the portfolio. SES will use the new platform to release capital in order to further grow their expansion plans.
The portfolio provides a unique blend of modern shopping centres all of which have been developed by SES. Each centre is anchored by an Interspar hypermarket and in some centres also by the SPAR owned Hervis sports retailer.
“Jones Lang LaSalle was 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” commented Richard Bloxam, Head of European Capital Markets, Jones Lang LaSalle.
“We are proud that we are able to have Allianz Real Estate as a strategic premium partner. Allianz is known to be involved exclusively in the best real estate. This is recognition of the seven shopping centers in particular and beyond that, the quality and sustainability of our shopping centre developments.” commented Marcus Wild, CEO of SES Spar European Shopping Centers.
“Allianz Real Estate is continuing its strategy to work as an investor with successful companies in joint ventures. With SES as one of the leading shopping centre operators, we have found a strong long-term partner”, explained Charles Pridgeon, chief investment officer at Allianz Real Estate.