Allianz, Corio confirm purchase of Porta di Roma mall for EUR 440m

Germany's Allianz Real Estate confirmed on Monday that it is teaming up with Dutch retail specialist Corio to acquire the Porta di Roma shopping centre in Rome from sellers Porta di Roma Srl, controlled by Silvano Toti and Parsitalia, and Gallerie Commerciali Italia (GCI), a joint venture of Auchan and Simon Property Group.

Allianz and Corio are buying the centre on a 50/50 basis for a total of EUR 440 mln, reflecting a yield of 6.4%. The companies have assumed an existing loan provided by a consortium led by BNP Paribas.

'This joint venture with Corio in Rome corresponds to our current investment strategy with which we are also developing the retail volume in our portfolio,' said Olivier Piani, global head of Allianz Real Estate.

PropertyEU broke the news about the impending deal in March, when Allianz RE signed a preliminary agreement with the sellers to acquire the centre.

Porta di Roma, located in the Bufalotta area, opened in July 2007 and is the largest shopping centre in Italy and one of the most modern in Europe, with a total gross lettable area of 97,000 m². The centre has 241 shops, anchored by a 23,500 m² hypermarket, a 14-screen cinema and 7,200 parking units. Corio Italia will be responsible for asset and property management and letting and re-letting.

The joint venture will own 73,500 m2, with the remainder being owned by Auchan. On Monday, PropertyEU also reported that Auchan, through its GCI vehicle, is seeking to sell the Argine shopping centre in Naples.

Allianz was advised by DLA Piper, Cushman & Wakefield, Gardiner + Theobald and Ernst & Young. The sellers were represented by Mr Guido Lombardo, General Service Italia and Studio Legale Scala in the transaction.