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La Francaise Group

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Namestring
La Francaise Group
Legal namestring
GROUPE LA FRANÇAISE
Company typeenum
Private
Founded yearint
1975
Descriptiontext

La Française Group is the Paris-headquartered asset management division of Crédit Mutuel Alliance Fédérale, operating as a multi-expertise platform of eight specialized management companies managing €163.5 billion in assets under management as of 31 December 2025. The group ranks as the 6th largest French asset manager and employs approximately 1,089 staff across 38 nationalities, with regulated subsidiaries in France, the UK, Germany, Luxembourg, and Hong Kong. Its product surface spans nine investment strategies: equity, fixed income & credit, diversified, alternative, quantitative (systematic), solidarity-based (Article 9 SFDR), real estate (SCPI/OPCI/SCP), private debt for European SMEs and infrastructure, and tailored bespoke services. Distribution is exclusively intermediated through financial advisors (CGPi), banks, insurance partners, and dedicated institutional sales teams, supplemented by the Moniwan digital platform for individual SCPI and life-insurance distribution.

The business model is asset-management-fee-based and recurring, with revenue mechanics driven by management fees on AUM across listed and unlisted asset classes. Pricing is not publicly disclosed; customer relationships are intermediated rather than direct-to-consumer. Segmented customer mix includes institutional investors (primary), distribution partners (primary), individual investors (secondary, via Moniwan), and professional investors requiring tailored mandates. The group maintains an Article 9 SFDR-classified sustainable investment framework with dedicated ESG-RSE governance (three committees, 15 dedicated staff, 50% women representation on executive committees).

Operationally, the platform integrates listed-securities expertise through Crédit Mutuel Asset Management (€103.8bn), real estate through La Française REM (€25.8bn) and Crédit Mutuel Gestion (€18.8bn), private debt via CIC Private Debt (€4bn), alternatives via Cigogne Management (€2.2bn), infrastructure/PE via Crédit Mutuel Impact (€1.3bn), systematic/quantitative via La Française SAM (€455m), and equity/bond/multi-asset via Banque de Luxembourg Investments (€12bn). Recent strategic posture shows continued investment in private-debt European expansion (new Head of Risk & Operations, March 2026), real-estate portfolio build-out (Tigery acquisition, May 2026), and leadership refresh at La Française REM (December 2025), alongside consolidation of the GLF group portal as the unified information entry point across the asset management division.

Short descriptiontext

La Française Group is the Paris-based asset management division of Crédit Mutuel Alliance Fédérale, operating eight specialized management companies with €163.5bn AUM across listed securities, real estate, private debt, and quantitative strategies for institutional and intermediated retail clients.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
501–1,000
akta.pro rankint
HeadquartersParis, France
HQ citystring
Paris
HQ countrystring
France
HQ regionstring
Europe
Markets served

Serves global market

Offices3 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
asset management, investment management, private debt, real estate funds, sustainable investing
Industry2 codes
1Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions)
CodeFSAAACAGPrimaryYes
2Hospitality (Hotels & Resorts) Asset Management
CodeBPAJAMAEPrimaryNo
NAICS code3 codes
  • Portfolio Management and Investment Advice523940
  • Funds, Trusts, and Other Financial Vehicles525
  • Management of Companies and Enterprises551
SIC code2 codes
  • Real Estate Agents & Managers (For Others)6531
  • Real Estate Investment Trusts6798
Product category
Asset Management
GTM motion2 records

Each record includes

Type, Description, Source

Revenue model1 record
1Asset Management Fees
TypeSubscription Recurring
Description

Management fees charged on assets under management across multiple specialized entities including Crédit Mutuel Asset Management (€103.8bn AUM), La Française Real Estate Managers (€25.8bn), CIC Private Debt (€4bn), Cigogne Management (€2.2bn), Crédit Mutuel Gestion (€18.8bn), Crédit Mutuel Impact (€1.3bn), La Française SAM (€455M), and BLI (€12bn).

la-francaise.com
Marketing channels6 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels5 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

La Française Group is a global asset management firm that designs, manages, and distributes investment solutions across equity, fixed income, diversified, alternative, quantitative, solidarity-based, real estate, and private debt strategies. The group operates a multi-expertise platform through more than ten specialized subsidiaries, serving institutional investors, financial advisors (CGPi), banks, insurance companies, and individual investors across Europe and Asia with €163.5 billion in assets under management.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 3 values shown
  • 50% women representation in Group Executive and Management Committees
+2 more records
Product overview1 text field

La Française Group is a multi-expertise asset management platform comprising 8 specialized management companies operating across listed and unlisted asset classes. The group manages €163.5 billion in assets under management (as of December 2025) through its subsidiaries: Crédit Mutuel Asset Management (€103.8bn in listed securities), La Française REM (€25.8bn in real estate), CIC Private Debt (€4bn in private debt), Cigogne Management (€2.2bn in alternative/arbitrage), Crédit Mutuel Gestion (€18.8bn), Crédit Mutuel IMPACT (€1.3bn in infrastructure/PE), La Française SAM (€455M in systematic/quantitative), and BLI (€12bn). The offering spans 9 core investment strategies: equity management, fixed income & credit management, diversified management, alternative management, quantitative management, solidarity-based management, real estate, private debt, and tailored/bespoke services. Listed assets include equity, diversified/balanced, monetary, and fixed income funds. Unlisted assets include real estate (SCPI, OPCI, SCP) and private debt products. The group also operates digital platforms including Moniwan (SCPI and life insurance) and provides dedicated client portals for institutional investors and distribution partners.

Product and service3 records
1Crédit Mutuel Asset Management
CategoryListed Asset Management
2CIC Private Debt
CategoryPrivate Debt
3La Française Real Estate Managers
Scale indicator14 records

Each record includes

Type, Value, Description, Source

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

Global asset manager with strong European institutional franchise and equity/fixed-income offerings. Comparable to La Française in serving pension funds, insurance companies, and wealth managers across Europe.

TypeDirect peer
Description

Multi-affiliate asset manager affiliated with Groupe BPCE, operating a comparable multi-boutique model across listed and alternative strategies. Similar European institutional footprint and intermediated distribution model make Natixis IM a direct peer.

TypeDirect peer
Description

French-headquartered, family-owned asset manager with ~€40bn AUM across equity, fixed income, and multi-asset funds. Comparable European boutique with intermediated distribution and similar French-market heritage.

TypeDirect peer
Description

French asset manager affiliated with Natixis, with ~€430bn AUM focused on fixed income, equity, and insurance solutions. Strong overlap with Crédit Mutuel AM's listed-securities mandate and French institutional client base.

TypeBroad incumbent
Description

UK-listed global asset manager with ~£750bn AUM across active listed strategies, private assets, and wealth management. Comparable in serving European institutional and wealth management clients with diversified capabilities.

TypeDirect peer
Description

Paris-headquartered alternative asset manager with significant private debt and real estate capabilities alongside listed strategies. Strong overlap with CIC Private Debt and La Française REM, and comparable French institutional client base.

TypeBroad incumbent
Description

Part of the AXA insurance group, AXA IM manages ~€850bn AUM across listed, real estate, and private debt. Comparable as a bank/insurer-affiliated European asset manager with diversified product capabilities.

TypeDirect peer
Description

Privately-held European asset manager offering fixed income, equity, and private debt strategies, often through intermediated distribution. Comparable boutique-style structure and family-controlled ownership model.

TypeBroad incumbent
Description

Asset management arm of BNP Paribas with ~€500bn AUM spanning listed and private assets. Comparable multi-affiliate structure and Article 9 SFDR positioning make it a relevant broad incumbent peer.

TypeDirect peer
Description

Europe's largest asset manager with over €2tn AUM, offering a comparable multi-boutique platform spanning listed assets, real estate, and private debt. Amundi is the closest direct peer to La Française in terms of product breadth, French-market leadership, and institutional distribution.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat5 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature1 record

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles12 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries10 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment1 record

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

La Francaise Group

Asset Managementla-francaise.com

La Française Group is the Paris-based asset management division of Crédit Mutuel Alliance Fédérale, operating eight specialized management companies with €163.5bn AUM across listed securities, real estate, private debt, and quantitative strategies for institutional and intermediated retail clients.

What La Francaise Group does

La Française Group is the Paris-headquartered asset management division of Crédit Mutuel Alliance Fédérale, operating as a multi-expertise platform of eight specialized management companies managing €163.5 billion in assets under management as of 31 December 2025. The group ranks as the 6th largest French asset manager and employs approximately 1,089 staff across 38 nationalities, with regulated subsidiaries in France, the UK, Germany, Luxembourg, and Hong Kong. Its product surface spans nine investment strategies: equity, fixed income & credit, diversified, alternative, quantitative (systematic), solidarity-based (Article 9 SFDR), real estate (SCPI/OPCI/SCP), private debt for European SMEs and infrastructure, and tailored bespoke services. Distribution is exclusively intermediated through financial advisors (CGPi), banks, insurance partners, and dedicated institutional sales teams, supplemented by the Moniwan digital platform for individual SCPI and life-insurance distribution.

The business model is asset-management-fee-based and recurring, with revenue mechanics driven by management fees on AUM across listed and unlisted asset classes. Pricing is not publicly disclosed; customer relationships are intermediated rather than direct-to-consumer. Segmented customer mix includes institutional investors (primary), distribution partners (primary), individual investors (secondary, via Moniwan), and professional investors requiring tailored mandates. The group maintains an Article 9 SFDR-classified sustainable investment framework with dedicated ESG-RSE governance (three committees, 15 dedicated staff, 50% women representation on executive committees).

Operationally, the platform integrates listed-securities expertise through Crédit Mutuel Asset Management (€103.8bn), real estate through La Française REM (€25.8bn) and Crédit Mutuel Gestion (€18.8bn), private debt via CIC Private Debt (€4bn), alternatives via Cigogne Management (€2.2bn), infrastructure/PE via Crédit Mutuel Impact (€1.3bn), systematic/quantitative via La Française SAM (€455m), and equity/bond/multi-asset via Banque de Luxembourg Investments (€12bn). Recent strategic posture shows continued investment in private-debt European expansion (new Head of Risk & Operations, March 2026), real-estate portfolio build-out (Tigery acquisition, May 2026), and leadership refresh at La Française REM (December 2025), alongside consolidation of the GLF group portal as the unified information entry point across the asset management division.

La Francaise Group firmographics

Firmographics
Name
La Francaise Group
Legal name
GROUPE LA FRANÇAISE
Website
https://la-francaise.com
Company type
Private
Founded year
1975
Operating status
Operating
Headcount range
501–1,000 employees
Short description
La Française Group is the Paris-based asset management division of Crédit Mutuel Alliance Fédérale, operating eight specialized management companies with €163.5bn AUM across listed securities, real estate, private debt, and quantitative strategies for institutional and intermediated retail clients.
Ownership category
akta.pro rank

La Francaise Group industry classification

Industry
Product category
Asset Management
NAICS
Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Management of Companies and Enterprises (551)
SIC
Real Estate Agents & Managers (For Others) (6531), Real Estate Investment Trusts (6798)
akta.pro primary industry
Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)
akta.pro secondary industry
Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

Keywords

  • Asset management
  • Investment management
  • Private debt
  • Real estate funds
  • Sustainable investing

Where La Francaise Group is headquartered

Location

Headquarters

HQ city
Paris
HQ country
France
HQ region
Europe

Offices3 records

Markets served

La Francaise Group business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

  1. Asset Management Fees: Management fees charged on assets under management across multiple specialized entities including Crédit Mutuel Asset Management (€103.8bn AUM), La Française Real Estate Managers (€25.8bn), CIC Private Debt (€4bn), Cigogne Management (€2.2bn), Crédit Mutuel Gestion (€18.8bn), Crédit Mutuel Impact (€1.3bn), La Française SAM (€455M), and BLI (€12bn).

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

La Francaise Group product offering

Product offering

Core offering

La Française Group is a global asset management firm that designs, manages, and distributes investment solutions across equity, fixed income, diversified, alternative, quantitative, solidarity-based, real estate, and private debt strategies. The group operates a multi-expertise platform through more than ten specialized subsidiaries, serving institutional investors, financial advisors (CGPi), banks, insurance companies, and individual investors across Europe and Asia with €163.5 billion in assets under management.

Product overview

La Française Group is a multi-expertise asset management platform comprising 8 specialized management companies operating across listed and unlisted asset classes. The group manages €163.5 billion in assets under management (as of December 2025) through its subsidiaries: Crédit Mutuel Asset Management (€103.8bn in listed securities), La Française REM (€25.8bn in real estate), CIC Private Debt (€4bn in private debt), Cigogne Management (€2.2bn in alternative/arbitrage), Crédit Mutuel Gestion (€18.8bn), Crédit Mutuel IMPACT (€1.3bn in infrastructure/PE), La Française SAM (€455M in systematic/quantitative), and BLI (€12bn). The offering spans 9 core investment strategies: equity management, fixed income & credit management, diversified management, alternative management, quantitative management, solidarity-based management, real estate, private debt, and tailored/bespoke services. Listed assets include equity, diversified/balanced, monetary, and fixed income funds. Unlisted assets include real estate (SCPI, OPCI, SCP) and private debt products. The group also operates digital platforms including Moniwan (SCPI and life insurance) and provides dedicated client portals for institutional investors and distribution partners.

Differentiator

Problem solved

Functional benefit

Products and services

  • Crédit Mutuel Asset Management
  • CIC Private Debt
  • La Française Real Estate Managers

Quantifiable outcome

  • 50% women representation in Group Executive and Management Committees
  • +2 more outcomes

Companies that use La Francaise Group

Customer profile

Segments4 records

Ideal customer profiles4 records

La Francaise Group technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

La Francaise Group partnerships and signals

Strategic signal

Scale indicators14 records

Recent moves6 records

Expansion highlights4 records

La Francaise Group competitors and assessment

Company assessment

Direct peers

  • Lazard Asset Management: Global asset manager with strong European institutional franchise and equity/fixed-income offerings. Comparable to La Française in serving pension funds, insurance companies, and wealth managers across Europe.
  • Natixis Investment Managers: Multi-affiliate asset manager affiliated with Groupe BPCE, operating a comparable multi-boutique model across listed and alternative strategies. Similar European institutional footprint and intermediated distribution model make Natixis IM a direct peer.
  • Carmignac: French-headquartered, family-owned asset manager with ~€40bn AUM across equity, fixed income, and multi-asset funds. Comparable European boutique with intermediated distribution and similar French-market heritage.
  • Ostrum Asset Management: French asset manager affiliated with Natixis, with ~€430bn AUM focused on fixed income, equity, and insurance solutions. Strong overlap with Crédit Mutuel AM's listed-securities mandate and French institutional client base.
  • Tikehau Capital: Paris-headquartered alternative asset manager with significant private debt and real estate capabilities alongside listed strategies. Strong overlap with CIC Private Debt and La Française REM, and comparable French institutional client base.
  • Rothschild & Co Asset Management: Privately-held European asset manager offering fixed income, equity, and private debt strategies, often through intermediated distribution. Comparable boutique-style structure and family-controlled ownership model.
  • Amundi: Europe's largest asset manager with over €2tn AUM, offering a comparable multi-boutique platform spanning listed assets, real estate, and private debt. Amundi is the closest direct peer to La Française in terms of product breadth, French-market leadership, and institutional distribution.

Broad incumbents

  • Schroders: UK-listed global asset manager with ~£750bn AUM across active listed strategies, private assets, and wealth management. Comparable in serving European institutional and wealth management clients with diversified capabilities.
  • AXA Investment Managers: Part of the AXA insurance group, AXA IM manages ~€850bn AUM across listed, real estate, and private debt. Comparable as a bank/insurer-affiliated European asset manager with diversified product capabilities.
  • BNP Paribas Asset Management: Asset management arm of BNP Paribas with ~€500bn AUM spanning listed and private assets. Comparable multi-affiliate structure and Article 9 SFDR positioning make it a relevant broad incumbent peer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

La Francaise Group social profiles

Digital presence

La Francaise Group financial estimates

Financial estimate

Revenue estimate

Valuation estimate

La Francaise Group leadership team

Management profile

Number of profiles

Profiles12 records

La Francaise Group subsidiaries and ownership

Company hierarchy

Subsidiaries10 records

La Francaise Group funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

La Francaise Group M&A and investment

M&A and investment

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about La Francaise Group

What does La Francaise Group do?

La Française Group is a global asset management firm that designs, manages, and distributes investment solutions across equity, fixed income, diversified, alternative, quantitative, solidarity-based, real estate, and private debt strategies. The group operates a multi-expertise platform through more than ten specialized subsidiaries, serving institutional investors, financial advisors (CGPi), banks, insurance companies, and individual investors across Europe and Asia with €163.5 billion in assets under management.

Is La Francaise Group a public or private company?

La Francaise Group is a private company. It is classified as corporate owned and is currently operating.

When was La Francaise Group founded?

La Francaise Group was founded in 1975. It employs 501 to 1,000 people.

Where is La Francaise Group based?

La Francaise Group is headquartered in Paris, France, in the Europe region.

How does La Francaise Group make money?

One revenue line is on record: asset Management Fees.

Who are La Francaise Group's main competitors?

Direct peers on record are Lazard Asset Management, Natixis Investment Managers, Carmignac, Ostrum Asset Management, Tikehau Capital, Rothschild & Co Asset Management and Amundi. Broad incumbents are Schroders, AXA Investment Managers and BNP Paribas Asset Management.

Does La Francaise Group have an API?

No public API is recorded for La Francaise Group.

What industry is La Francaise Group in?

La Francaise Group's product category is Asset Management. Its primary akta.pro industry code is FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions), with a secondary code of BPAJAMAE, Hospitality (Hotels & Resorts) Asset Management. Its NAICS code is 523940 and its SIC code is 6531.

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Live signals
FinanzNachrichten.deEQS-Media: La Française: "La Française Finance Services eröffnet eine regulierte Zweigstelle in Brüssel"La Française Finance Services opened a regulated branch in Brussels on October 6, 2026, to strengthen its local presence and ensure continuity of services for Belgian clients. The branch, the fourth in Europe after Luxembourg, Italy, and Spain, will be led by Gianni Pauwels and authorized to distribute both listed and unlisted investment solutions.CostarLa Française REM refinance DSquare au LuxembourgLa Française REM refinanced the DSquare office building in Luxembourg, a 30,000 m² prime property in the Cloche d'Or district. The refinancing, provided by Helaba Landesbank Hessen-Thüringen, extended the financing term by three years without additional equity.American Banking and Market NewsGilead Sciences, Inc. $GILD Shares Purchased by Groupe la FrancaiseGroupe la Francaise raised its stake in Gilead Sciences by 30.9% in Q2, holding 49,627 shares worth $6.27 million. Gilead reported Q2 EPS of -$6.75, beating estimates, and declared a $0.82 quarterly dividend. Analysts rate the stock a Moderate Buy with an average price target of $158.04.EXPANSIONLa Française ficha en Fidelity a su nuevo responsable de ventas sénior para IberiaLa Française Finance Services named Gonzalo Thomé senior sales head for Iberia, reporting to Reyes García-Reol. Thomé previously held a similar role at Fidelity International and has experience at Liontrust, Inversis, and Banco Sabadell.CostarSignificant price declines for SCPIs that have suspended the variability of their capitalEleven SCPIs, including Praemia REIM France, Perial, and La Française REM, have temporarily suspended capital variability adjustments due to sluggish fundraising and declining appraised values. This suspension reflects the asset management firms' response to large volumes of pending shares and ongoing market pressures in the first half of 2026.RankiaProCrédit Mutuel AM and La Française AM Merge to Form €86bn ManagerCrédit Mutuel Asset Management and La Française Asset Management have merged to form 'New' Crédit Mutuel Asset Management, an entity with €86 billion in assets under management. Effective May 1, 2024, this consolidation aligns with the parent company's strategic plan and combines a workforce of 172 employees across France and Germany.Financial InvestigatorCrédit Mutuel Asset Management and La Française Asset Management are mergingCrédit Mutuel Asset Management and La Française Asset Management are merging effective May 1, 2024, as part of Crédit Mutuel Alliance Fédérale's strategic plan to enhance its asset management market position. The newly formed entity, 'New' Crédit Mutuel Asset Management, will manage €86 billion in assets and employ 172 people, emphasizing innovation and customer satisfaction.GlobeNewswireUnibail-Rodamco-Westfield successfully completes the disposal of five French shopping centres valued at more than €2 BnUnibail-Rodamco-Westfield completed the sale of five French shopping centres to a joint venture with Crédit Agricole Assurances and La Française, valued at €2.032 billion. The JV holds 54.2% of the new entity, with three centres already re-opened post-COVID restrictions. URW's maximum exposure under adjustments is €24.4 million.GlobeNewswireUnibail-Rodamco-Westfield (URW) signs binding agreement to form a strategic partnership with Crédit Agricole Assurances and La Française on a €2.0 Bn portfolio of five French shopping centresUnibail-Rodamco-Westfield signed a binding agreement with Crédit Agricole Assurances and La Française to acquire a 54.2% stake in a joint venture owning five French shopping centres. The portfolio is valued at €2.0 billion, and the deal is expected to close by the end of Q2 2020.GlobeNewswireUnibail-Rodamco-Westfield to form a strategic partnership with Crédit Agricole Assurances and La Française on a €2.0 Bn portfolio of five French shopping centresUnibail-Rodamco-Westfield received binding offers from Crédit Agricole Assurances and La Française to acquire a 54.2% stake in a JV for five French shopping centres, with URW holding 45.8%. The implied offer price is €2,037 million, representing a net initial yield of 4.80%, and the transaction is expected to close in Q2-2020.