Allianz Real Estate has closed the acquisition of the Porta di Roma shopping mall in Rome, Italy, from Porta di Roma S.r.l. and Gallerie Commerciali Italia S.p.A. The total volume of the transaction was in the order of 440 million euros at a Net Initial Yield of 6.4 percent. Meanwhile Allianz sold a 50 percent stake to Corio. It will be now owned in a 50/50 percent joint venture structure. The acquisition is subject to approval of the EU antitrust authority.
Allianz acquires Porta di Roma shopping center in Rome
"After the acquisition of Allee Shopping Center in Budapest at the end of last year we are proud and pleased that the Porta di Roma transaction in Italy has now also been finalized. This joint venture with Corio in Rome corresponds to our current investment strategy with which we are also developing the retail volume in our portfolio," states Olivier Piani, Global Head of Allianz Real Estate.
Port di Roma is the largest shopping center in Italy with a total GLA of 97,000 m²
About Porta di Roma
Porta di Roma shopping center opened in July 2007 and is the largest shopping center in Italy and one of the most modern in Europe, with a total GLA of 97,000 m². The joint venture will own 73,500 m² GLA, the remainder is owned by Auchan. The center has 241 shops, anchored by 23,500 m² GLA hypermarket (Auchan on 2 floors), a 14 screen cinema and 7,200 parking units. The shopping gallery has two floors and comprises seven large area stores and 234 retail units. IKEA and Leroy Merlin are part of the commercial complex, creating squares on different levels, connected by ramps and escalators. Porta di Roma offers a good variety of fashion and daily needs which makes the shopping center attractive for leisure shopping and functional shopping. The shopping center attracted 16.5 million visitors in 2009 which is an increase of 23.3 percent compared with 2008. It is opened seven days a week.
Porta di Roma is located in the municipality of Rome, approximately 12 km to North East of the city centre. The catchment area (within 30 minutes drive) comprises 1.3 million people. The site benefits from good visibility and accessibility from the external ring road (Grande Raccordo Anulare) and to the Motorway 'Roma-L'Aquila'. Porta di Roma shopping center is located within a larger commercial development area referred to as Comparto Z11 which contains next to Porta di Roma a Leroy Merlin and an IKEA. The completion of Comparto Z11 is the first phase of a larger urban regeneration project called Intervento Bufalotta which will include residential, hotel, office, leisure, parks and schools. The shopping center is also easily accessible by private and public transport facilities.
Allianz was advised by DLA Piper, Cushman & Wakefield, Gardiner + Theobald and Ernst & Young. The sellers were represented by Guido Lombardo, General Service Italia and Studio Legale Scala in the transaction.
Corio and Allianz will own the shopping center jointly whereby Corio Italia will be responsible for asset and property management and letting and re-letting.
For more information go to: www.galleriaportadiroma.it.
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