Côte's Cap 3000 centre sold

The buyer is shopping centre specialist Altarea in association with a Dutch pension fund ABP and Predica, a subsidiary of Crédit Agricole. The Galeries Lafayette group wants to release funds to invest in its department store portfolio and a spokesperson is quoted as saying that managing shopping centres is "not our core business".

Cap 3000 was built around 40 years ago and has 126 shops, including leading brands like Zara, Mango, H&M and of course Galeries Lafayette, covering a surface area of 27,000sqm on two levels with 3,000 parking spaces. Located at the mouth of the river Var to the west of Nice and near the sea, the centre is very well placed and attracts over eight million people a year. One of Altarea’s proposals is to “open up it up” by attracting more restaurants and bars with terraces overlooking the Mediterranean.

For shoppers it can only be good news. CL