A joint venture of Allianz and Corio signed a preliminary agreement this week to acquire the Porta di Roma shopping centre, according to sources close to the negotiations. The transaction, which was signed on Monday, amounts to around EUR 400 mln, sources say. Corio declined to comment.
A joint venture of Allianz and Corio signed a preliminary agreement this week to acquire the Porta di Roma shopping centre, according to sources close to the negotiations. The transaction, which was signed on Monday, amounts to around EUR 400 mln, sources say. Corio declined to comment.
German investor Allianz has been in exclusive negotiations with Italy's Lamaro and Parnasi Groups since last month. The sale by the Toti brothers' Lamaro vehicle is part of a major debt restructuring of the group.
Located in the northern part of the city, Porta di Roma opened its doors in July 2007 as a partnership of Rome-based Lamaro and Gallerie Commerciali Italia, a joint venture of Simon Property Group and Groupe Auchan. Today, the centre is 50%-owned by Lamaro and 50%-owned by local construction group Parnasi. Italy's Lamaro Group put the asset on the market in December last year in a bid to refinance its debt burden. The company hired property services firm General Service and law firm Scala & Associati to advise on the process.
Porta di Roma is one of the largest shopping centres in Europe. The scheme is located in the Bufalotta area, and provides around 96,000 m2 of space across 220 shops, an Auchan hypermarket, a 14-screen UGC cinema, an IKEA, a LeRoy Merlin, and a parking lot with 7,000 car spaces.
In Italy, Corio has also acquired Le Vele shopping centre in Sardinia from asset manager Schroders for around EUR 110 mln.
