London-based GWM Group, backed by US asset manager Pimco, has closed the acquisition of the 8Gallery shopping centre in Turin's Lingotto district in northern Italy from CBRE Global Investors.
London-based GWM Group, backed by US asset manager Pimco, has closed the acquisition of the 8Gallery shopping centre in Turin's Lingotto district in northern Italy from CBRE Global Investors.
GWM is paying around €80 mln for the 23,000 m2 mall, which includes 90 shops, 14 restaurants and an 11-screen multiplex cinema as well as 4,000 parking spaces.
CBRE is advising the vendor on the deal. Cushman & Wakefield acted for the buyer.
CBRE GI inherited the 21,500 m2 asset with the acquisition of ING Real Estate which bought it in 2006 for around €92 mln, or a gross yield of 5.5%.
Last year, CBRE GI entered into talks with Europa Capital on the asset but negotiations fell through due to the gap between the vendor's and the buyer's expectations.
GWM already owns the Market Central da Vinci, a 60,000 m2 retail park in Rome.
