Singaporeans buy Italian mall
GIC, Singapore’s sovereign wealth fund, has taken full ownership of a high grade regional shopping mall near Rome.
The company says it has acquired a 50 per cent interest in RomaEst Shopping Centre from a Fund managed by CBRE Global Investors – adding to the 50 per cent stake it already holds through an affiliate.
CBRE Global Investors will continue in the role of asset manager for the centre.
GIC said in a statement the acquisition demonstrates its confidence in the long-term prospects for Italy and in the future demand for prime regional centres. In addition to RomaEst’s stable cash flows, GIC sees opportunities to add value to the centre through active asset management including leasing and refurbishment strategies.
RomaEst is located in Lunghezza, about 14km to the east of downtown Rome. The catchment area includes well over 1 million people within a 30 minute drive.
One of the largest shopping centres in Italy, RomaEst comprises a mall of 208 units, a hypermarket and a 12-screen cinema. The 102,000 sqm of gross lettable area is arranged over two levels and has 10 anchor stores of over 1000 sqm, 10 mid-sized units between 500-1000 sqm, 23 bars and restaurants. The remaining space is occupied by smaller retail units. The centre’s main tenants include both international and national brands such as Apple, Hollister, H&M, Zara, GAP, Media Markt, Panorama hypermarket, UCI multiplex cinema, Pellizzari and Piazza Italia. RomaEst is also served by a three-level car park with 6750 spaces.
GIC is a global investment firm with well over SG$100 billion in assets under management. Established in 1981, the firm manages Singapore’s foreign reserves and has investments in over 40 countries. It has been investing in emerging markets for more than 20 years.