Gide Loyrette Nouel and White & Case are among the firms advising on the creation of a €2 billion joint venture that will hold and manage five large shopping centers outside major French cities, in a boost to the country’s ailing retail sector.

French-Dutch property developer and manager Unibail-Rodamco-Westfield will hold 45.8% of the new venture, while a consortium including Predica, owned by Crédit Agricole Assurances, and asset management firm La Française will own the remaining 54.2%.