Italian insurance group Generali's Real Estate Fund (GREF) has acquired a shopping centre development in Oleiros, A Coruna, in northern Spain from French construction giant Bouygues Inmobiliaria for about EUR 45mln. The property is being built by Bouygues and is scheduled for delivery in the last quarter of 2008. It will provide 22,000 m[sup]2[/sup] of commercial space over three floors as well as 790 parking spaces. Generali's Spanish office will manage the asset, which is let to retail firms such as Supercor, AKI, Kiabi, Merkal, Visionlab, Electro, and Hogar. Jones Lang LaSalle is marketing the mall.
Italian insurance group Generali's Real Estate Fund (GREF) has acquired a shopping centre development in Oleiros, A Coruna, in northern Spain from French construction giant Bouygues Inmobiliaria for about EUR 45mln. The property is being built by Bouygues and is scheduled for delivery in the last quarter of 2008. It will provide 22,000 m2 of commercial space over three floors as well as 790 parking spaces. Generali's Spanish office will manage the asset, which is let to retail firms such as Supercor, AKI, Kiabi, Merkal, Visionlab, Electro, and Hogar. Jones Lang LaSalle is marketing the mall.
Launched at the end of 2006, GREF is a Luxembourg-based real estate investment fund targeting a size of EUR 1bn and investing mainly in the retail and office sectors in the eurozone. The fund has already committed roughly 30% of its investment target, thanks to acquisitions in the office sector in Germany and France and in the retail sector in Portugal and Spain.
