CBRE Global Investors has completed the disposal strategy for its Southern European retail fund following the sale of a shopping centre in Italy.

CBRE Retail Property Partnership Southern Europe (RPPSE) has sold Galleria Commerciale Siracusa to CDS Holding for an undisclosed sum.

Galleria Commerciale owns the shopping centre known as I Papiri.

Located in Syracuse, Sicily, the shopping centre was opened in 2005. It has two floors as well as a hypermarket and a gross lettable area of around 25,000sqm and 50 units.

Enzo Danesi, the chairman of CDS Holding, said: “We will heavily invest in an internal and external architectural refurbishment and we will work on an important expansion, bringing in the best of the national and international commercial offer.

“In the meantime, we continue to work on a relevant development pipeline for the next few years, maintaining our leadership in the retail sector and also consolidating our attention to the logistics and hotel sectors.”