Retail & Entertainment, a fund managed by the asset management arm of Italian listed property group Prelios, has sold a major historic building located between Via del Tritone and Via Due Macelli in the centre of Rome.
Retail & Entertainment, a fund managed by the asset management arm of Italian listed property group Prelios, has sold a major historic building located between Via del Tritone and Via Due Macelli in the centre of Rome.
The financial details were not disclosed. But PropertyEU understands that the asset was sold for EUR 130 mln to Thai retail giant Central Retail Corporation, the owner of Rinascente Group.
The building is to undergo renovation, scheduled for completion in mid-2015. It includes a commercial area of around 17,500 m2 on seven floors, and is set to become the main Roman department store of La Rinascente retail chain.
Completion of the transaction depends on the Ministry of Cultural Heritage's decision on whether it will exercise its pre-emption right on the asset, which is subject to Fine Arts restrictions.
