Bologna-based retail property group Immobiliare Grande Distribuzione SIIQ (IGD SIIQ) has purchased the Torre Ingastone shopping centre in Palermo, on the Italian island of Sicily, from developer Cogei Costruzioni. The investment will amount to just over EUR 54 mln, excluding taxes.
Bologna-based retail property group Immobiliare Grande Distribuzione SIIQ (IGD SIIQ) has purchased the Torre Ingastone shopping centre in Palermo, on the Italian island of Sicily, from developer Cogei Costruzioni. The investment will amount to just over EUR 54 mln, excluding taxes.
IGD has already paid nearly EUR 44 mln to buy the centre after signing a preliminary forward purchase agreement in 2006.
The centre is due to open by the end of 2010. It will feature a retail gallery of 14,400 m2 including 62 stores, five of which are mid-size, and an Ipercoop hypermarket with a sales area of 6,000 m2. The pre-letting of the mall is going well, according to IGD.
'The decision to finalise the purchase of the mall reflects our interest in further expanding our presence in southern Italy,' said Claudio Albertini, CEO of IGD.
The shopping mall in Palermo will be IGD's 17th in Italy and its third investment in southern Italy.
