AXA Immoselect, a German open-ended fund managed by AXA Investment Managers in Germany, has completed the acquisition of the Antegnate shopping centre in Bergamo, northern Italy for EUR 150 mln.
AXA Immoselect, a German open-ended fund managed by AXA Investment Managers in Germany, has completed the acquisition of the Antegnate shopping centre in Bergamo, northern Italy for EUR 150 mln.
CB Richard Ellis advised Stilo Group, the Italian development company owned by the Percassi Group, on the sale to AXA's open-ended fund.
The shopping centre is located in the southwest area of Bergamo and totals 39,000 m2 of retail space. The centre, which opened in April this year, has 90 stores on one level. The tenants includes high-quality fashion brands Nike, Zara, Guess, Benetton and a number of consumer electronic retailers. The centre also features restaurants and cafes.
Paolo Bellacosa, Capital Markets executive director of CBRE Italy, who led the sale process on behalf of the vendor, commented: 'This transaction represents the sustained demand for quality retail investment assets. We are delighted with the results of this sale given the challenging market conditions.'
CBRE and Chiomenti Studio Legale advised the Stilo Group.
