EXCLUSIVE: Europa Capital closes in on Italian mall

Europa Capital close to buying a shopping centre in Northern Italy.

PropertyEU has learned Europa Capital is in exclusive negotiations to acquire the 8Gallery shopping centre in Turin's Lingotto district, in Northern Italy from CBRE Investors.

The price is understood to be around €80 mln, according to well-informed market sources.

CBREGI inherited the 21,500 m2 asset during the acquisition of ING Real Estate which bought it in 2006 for around €92 mln.

The mall includes 90 shops, 14 restaurants and an 11-screen multiplex cinema as well as 4,000 parking spaces.

All parties declined to comment.

Attracted by the market's higher returns, a string of international investors have showed interest in Italian real estate in the recent past. The largest deal so far was the acquisition by Qatari investors of a minority stake in the Porta Nuova project in Milan.

The transaction valued the development at around €2 bn.

PropertyEU understands that US-based investor Blackstone is in exclusive negotiations to acquire the Franciacorta Outlet Village in Rodengo Saiano near Brescia in Northern Italy.The asset is owned by Aberdeen Asset Management which inherited it from Degi at the time of the acquisition of the German unit in late 2007.

Similarly, financial services group GWM is understood to be buying the Market Central Da Vinci retail park near Rome, according to well-informed market sources. GWM is in exclusive negotiations to acquire the 58,000 m2 asset from developer AIG Lincoln for over €120 mln.

Meanwhile, the Tecla fund managed by Prelios has sold an office building in Palermo, on the island of Sicily, to Gruppo Fonciere LFPI Italia, part of Banque Lazard, for around €10 mln, a 5.7% premium to book value.