Allianz confirms purchase of Genoa mall

Allianz Real Estate has confirmed the acquisition of the Fiumara shopping centre in the Italian port city of Genoa, as tipped by PropertyEU last week.

Allianz Real Estate, on behalf of the Italian Allianz insurance companies, said on Friday that it has taken the majority stake in the complex located near the city's famous aquarium.

According to well-informed market sources, Dutch insurance group Nationale-Nederlanden (NN), which was recently spun off by ING via an IPO, is taking a minority interest in the deal which values the entire asset at around €150 mln.

The vendor is CBRE Global Investors.

The Fiumara scheme provides around 40,000 m2 of retail space across some 120 retail units over three levels and includes an UCI multiplex as well as a 16,000 m2 amusement park.

CBRE advised Allianz on the transaction.

'This is Allianz's first retail acquisition in Italy since the crisis, and we are very happy with this asset and the relationship with the manager of the scheme,' said Allianz's head of Southern Europe Mario Montagner said, commenting on the purchase.

Montagner said the new owners plan to invest 'significantly' in the mall in the medium term. 'The scheme offers significant potential to add value and this fits with our investment strategy since we are a long-term investor,' he said. Allianz Real Estate is also currently working on a new shopping centre project in Trieste, Northern Italy, he added.

CBRE Global Investors will continue to asset manage the Fiumara centre following the sale.

ING REIM, which was taken over by CBRE GI in 2011, paid €240 mln for the scheme in 2008, representing a yield of 5%. The vendor was the Schroder European Property Investments N1 fund.

MAJOR COMEBACK
Allianz said last year that it was planning a major comeback in Italy after having been virtually absent from the property investment market for two years. In 2013, the insurance giant appointed Montagner as new head of the Southern European platform and said it was planning to spend some €500 mln in Italy. Allianz recently bought the Deutsche Bank head office in Milan and the Acea office building in Rome from Morgan Stanley's Italian fund management arm.

Fiumara is one of a string of assets put up for sale by CBRE GI in Italy. The group is also seeking a buyer for the I Petali shopping centre in Reggio Emilia. The mall is managed by Multi Development and provides nearly 28,000 m2 of gross lettable space. It was bought by ING REIM (now CBRE GI) in March 2008 for €91 mln.

In Turin, CBRE GI is believed to be in negotiations to sell the 8 gallery shopping centre for between €60 and €80 mln to Pimco-backed GWM.