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The Republic’s sovereign wealth fund, GIC, has acquired remaining 50 percent interest in RomaEst Shopping Centre from a fund managed by CBRE Global Investors. GIC, which already owns 50 percent of RomaEst through an affiliate, will be the sole owner of the Italian shopping centre following the purchase.
According to GIC, the acquisition demonstrates the fund’s confidence in the long-term prospects for Italy and in the future demand for prime regional centres, adding that it sees opportunities to “to add value to the centre through active asset management including leasing and refurbishment strategies.”
One of the largest shopping centres in Italy, RomaEst comprises a mall of 208 units, a hypermarket and a 12-screen cinema. The shopping centre offers 102,000 square metres of gross lettable area that is arranged over two levels and has 10 anchor stores of over 1,000 square metres, 10 mid-sized units between 500-1,000 square metres, 23 bars and restaurants. The remaining space is occupied by smaller retail units.
RomaEst is located in Lunghezza – about 14 kilometres to the east of Rome city centre and has a catchment area that includes well over 1 million people within a 30-minute drive, GIC said.
Notably, CBRE Global Investors will continues to be the asset manager for the centre.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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