Pramerica Real Estate Investors has teamed up with Belgium developer Banimmo SA to form a €200m (£139m) joint venture aimed at developing and refurbishing retail properties in France.

Pramerica, the investment and advisory business of US-based Prudential Financial, will initially contribute up to €40m (£27m) to the vehicle, reflecting 66% of the €60m (£41.8m) of equity committed, with Banimmo providing the balance.

Schemes controlled by the joint venture will be managed by Banimmo subsidiary Banimmo Real Estate France. The joint venture reunites Pramerica with Banimmo, after it bought the developer from AXA in 2000 before selling it to Macquarie Global Capital Partners in 2002. It has since floated on Euronext Brussels.