Realty Lab, the Milan-based real estate brokerage firm, is looking for a buyer for a 10,000-m[sup]2[/sup] retail project being built by a local developer adjacent to the long-established Piazza Grande shopping centre in Piove di Sacco, 20 km south-east of Padua, Northern Italy.
Realty Lab, the Milan-based real estate brokerage firm, is looking for a buyer for a 10,000-m2 retail project being built by a local developer adjacent to the long-established Piazza Grande shopping centre in Piove di Sacco, 20 km south-east of Padua, Northern Italy.
The scheme will comprise three mid-sized retail surfaces and a 500 m2 restaurant, with opening planned for the winter of 2011. The advisory group was hired to sell the complex through a forward commitment.
It would be the latest transaction brokered by Realty Lab, the new company founded in September last year by Pirelli RE's former director Roberto Nicosia and GE RE Italy's former manager Alessandro Manetti. In 2009 the company sold a 17,000 m2 office building in Milan let to Intesa Sanpaolo to private investors for some EUR 30 mln.
The company was recently mandated by AXA REIM's European Office Income Venture (EOIV) to sell a 36,000 m2 office complex in Milan.
'We have received several offers from local and international institutional investors for the AXA RE asset and we intend to enter soon into exclusivity,' Nicosia told PropertyEU. The company hopes to finalise the sale by the summer, and to complete the disposal of two other commercial assets in Milan and Sicily currently under offer for some EUR 25 mln, he added.
Realty Lab is headquartered in Milan and provides a wide range of property services including advisory, investment, agency, tenant representation, valuations and asset management.