Italy's CDS to develop 45,000 m[sup]2[/sup] Salerno mall

Italian retail specialist CDS said on Thursday that it has started construction of Le Cotoniere shopping centre near Salerno, Southern Italy. The centre, with a development value of EUR 85 mln, is being financed by Unicredit.

Designed by architects StudioElt, the centre will become the largest shopping centre in the Salerno province on completion in 2011. It will feature 45,000 m² of retail space including a 10,000 m² Ipercoop hypermarket and 135 shops. The scheme will also offer 2,500 parking spaces. The project is part of a vast urban redevelopment programme aimed at converting an industrial area previously occupied by the MCM industrial plant into retail space, as well as adjacent office accomodation, green areas and residential units.

'The experience we have gained in commercial real estate has enabled us to optimise the original project, improving the efficiency of the structure, addressing the environmental and sustainability issue and maximizing the value for investors,' declared Enzo Danesi, chairman of CDS Holding. 'Starting construction in this difficult economic climate demonstrates the validity of the project and the quality of the location.'

In February 2010 CDS completed work on the Ikea facility at Baronissi, located a few kilometers from Le Cotoniere, and in November last year inaugurated the 65,000 m² Forum Palermo mall in the Sicilian capital in a partnership with Multi Development.

CDS Holding is a leading commercial real estate developer and investor in Italy, having completed over 60 retail properties since its foundation in 1993. The company is owned by its founders and Captiva Capital Partners III, a fund managed by Natixis Capital Partners which in 2008 acquired a 49.9% interest. In 2005, CDS Holding entered a joint venture with Multi Corporation to develop and manage shopping centres in Italy.