CBRE Global Investors has bought Galeries Saint Lambert in the Belgian city of Liège from Credit Suisse Asset Management's frozen German open-ended fund, CS Euroreal. Financial details were not disclosed.

The shopping centre is located in the heart of Liège's city centre and provides 40,000 m2 of gross lettable area.

'We are delighted with the addition of Galeries Saint Lambert to our portfolio which is growing exactly in line with our investment strategy - focusing in core markets and core assets,' said Florencio Beccar, fund manager of CBRE Global Investors's European Shopping Centre Fund, which has made the purchase.

Karl-Heinz Heuß, CEO of Credit Suisse Asset Management Immobilien KAG, said the sale was another step in raising liquidity ahead of the reopening of CS Euroreal. ´(Galerie Saint Lambert) is a premium asset which allowed Credit Suisse to achieve an attractive price for the investors,' he added Karl-Heinz Heuß.

The European Shopping Centre Fund was launched in December 2010 and is a closed-end, seven-year fund that invests in dominant shopping centres across Continental Europe. The fund seeks to provide investors with core + returns in the range of 11-13% after payment of all fund level fees and expenses. The fund has already received equity commitments of over EUR 200 mln this year.