Italian REIT Immobiliare Grande Distribuzione SIIQ has signed a preliminary agreement to sell the Fonti del Corallo shopping centre in Livorno, Northern Italy, to a private real estate fund managed by BNP Paribas REIM Sgr.
Italian REIT Immobiliare Grande Distribuzione SIIQ has signed a preliminary agreement to sell the Fonti del Corallo shopping centre in Livorno, Northern Italy, to a private real estate fund managed by BNP Paribas REIM Sgr.
The transaction price comes to €47 mln, in line with the asset's latest appraised value.
The asset, providing 7,300 m2 over 55 shops and 1,600 parking spaces, will continue to be managed by IGD upon completion of the deal later this month.
IGD is also retaining an adjacent Ipercoop supermarket providing 8,500 m2.
'The sale of the mall to a primary institutional investor looking for consistent long-term returns is in line with the disposal programme outlined in our business plan and is aimed at improving our financial structure,' said Claudio Albertini, Chief Executive Officer of IGD SIIQ.
CBRE advised the buyer.