Aareal Asset Management has completed the redevelopment of Giulia shopping centre in the northern Italian city of Trieste. Built in 1992, Giulia was the first shopping centre in the city and is conveniently located in a central and densely populated neighbourhood. The development provides 50 retail units over the 15,200 m[sup]2[/sup] gross lettable areas of the three-level property.
Aareal Asset Management has completed the redevelopment of Giulia shopping centre in the northern Italian city of Trieste. Built in 1992, Giulia was the first shopping centre in the city and is conveniently located in a central and densely populated neighbourhood. The development provides 50 retail units over the 15,200 m2 gross lettable areas of the three-level property.
Following the acquisition of the centre in December 2004, AAM implemented a re-launch plan with a grand opening event earlier this month. The re-development also included the architectural restyling by the Chapman Taylor group, the renovation of over 65% of the centre's lettable area, a marketing campaign, as well as a customer-care training programme for tenants. Aareal envisages that the number of customer visits will increase by 20% by the end of 2007- and substantial rental uplift will follow.
Last week, Schroders in the UK bought Aareal Asset Management (AAM) from its sole owner, Germany's Aareal Bank.
