Allianz in talks to acquire Porta di Roma mall

German investor Allianz is in exclusive negotiations with Italy's Lamaro Group to acquire the Porta di Roma shopping centre in the northern part of Rome for over EUR 400 mln. The sale by the Toti brothers' Lamaro vehicle is part of a major debt restructuring of the group, which also envisages the sale of a 20% stake in the large Citylife development project in Milan, according to news reports in Italian papers.

The Porta di Roma complex 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. Five major players reportedly made a bid to acquire the flasghip mall, including France's Group General Immobiliaire, Allianz, Deka, Simon Group and Auchan. Last month Allianz emerged as the preferred bidder to acquire the centre. Contacted by PropertyEU, Allianz declined to comment on the rumours.

Porta di Roma is one of the largest shopping centres in Europe. The scheme is located in the northern part of Rome, 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.