LONDON, June 3 (Reuters) - TMW Pramerica, the German funds unit of the U.S. property investment manager Pramerica Real Estate Investors, has bought LE 31 Shopping Centre in Lille, France for around 160 million euros ($228.6 million).
The mall was acquired from developer Foruminvest France on behalf of investors in two Pramerica funds, EuRetail and BTI. Foruminvest France will continue to manage the property on behalf of the new owners.
The purchase price reflects a net initial yield of 6.05 percent, global property broker and vendor adviser Cushman & Wakefield said in a statement.
LE 31 is located on Rue de Bethune, one of the busiest shopping streets in France with more than 25 million visitors per year.
Since opening in September 2007, the 22,000 square metre shopping centre has been fully let to retailers including Galeries Lafayette, Adidas, Darty, La Grande Recre, Grand Optical and Bershka, Cushman & Wakefield said. ($1=.6999 Euro) (Reporting by Sinead Cruise; editing by Simon Jessop) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)