State Administration of Foreign Exchange (SAFE) is seeking to acquire Beaugrenelle shopping center in Paris from Gecina SA (ENXTPA:GFC) and APSYS Group. The approximate value of the potential acquisition is at least €700 million. The other four potential bidders are Altarea SCA (ENXTPA:ALTA), Hammerson plc (LSE:HMSO), Rockspring Property Investment Managers LLP and Union Investment Corp.

p.l.c. (ASE:UINV), according to the report. One person with knowledge of the deal was quoted by Le Figaro as saying that SAFE has a good chance to win the bid, as the other candidates will find it difficult to convince their shareholders to pay more than €700 million with a yield of less than 4.5%. Gecina and APSYS declined to comment when contacted by China Daily.

No comment was available from SAFE either.