ECE Group’s shopping centres management arm is taking the management of a 100,000sqm Italian mall, owned by GIC, from CBRE Global Investors and Savills.

ECE Marketplaces said it will be taking over the long-term management and leasing of the Romaest shopping centre owned by the Singaporean sovereign wealth fund. Romaest has over 210 shops, making it one of the largest shopping centres in the greater Rome region.

GIC already invests in other centres managed by ECE Marketplaces through the shopping centre funds of ECE Real Estate Partners. With the new contract, the Italian branch of ECE now manages a total of four shopping centres in Italy.

Joanna Fisher, CEO of ECE Marketplaces, and responsible for ECE’s shopping centre business, said: “We are very delighted about the trust that our partner, GIC, has placed in us with this contract.

“Particularly in this challenging time for retail, this serves as a special indication and a sign that we jointly believe in the future of bricks-and-mortar retail. We have a lot of ideas on how we can further develop Romaest and make it even more successful in the future.”

To read the digital edition of the latest IPE Real Assets magazine click here.