CBRE Global Investors has completed the sale of the retail gallery of the Carrefour Limbiate shopping centre to an unnamed insurance company.
CBRE Global Investors has completed the sale of the retail gallery of the Carrefour Limbiate shopping centre to an unnamed insurance company.
The shopping centre, located in Limbiate, Northern Italy, provides 45,000 m2 of gross lettable area over 96 retail units. The retail gallery occupies 21,000 m2 and houses international brands including MediaWorld and H&M, Desigual, Timberland and Tommy Hilfigher.
The retail gallery was sold for €140 mln, reflecting a net yield of 7.1%.
CBRE acted as agent for the vendor, along with DLA Piper for legal matters. Freshfields acted for the buyer.
CBRE Global Investors Italy will continue to manage the asset on behalf of the new owners.
Florencio Beccar, CEO of CBRE Global Investors Italy, said the sale is in line with the liquidation of the fund owning the asset. 'This deal shows how prime shopping centres can still generate attractive yields for vendors in Italy.'
Silvia Gandellini, head of Retail Capital Markets CBRE Italy, also believes that values are still holding up in the case of prime assets. 'There is still interest in these assets on the part of foreign investors and the recent transactions completed at the end of 2013 confirms this view,' she noted.
