CBRE Global Investors, on behalf of a pan European retail strategy, announces the acquisition of Mongolfiera, Lecce, Italy for EUR 61.8 million. The vendor was Schroders.
The shopping centre was opened in 1994 and comprised of a hypermarket and a gallery. In 2006 it was extended and upgraded to include a food court area and an extension on the retail offer. CBRE Global Investors has acquired 11,365 sq m which excludes the hypermarket.
The single floor centre is anchored by Ipercoop (not part of this transaction), MediaWorld, H&M and Piazza Italia. There are 48 tenants in total and the centre is 100% occupied.
Mongolfiera is the dominant shopping destination in Lecce with a footfall of over four million visitors each year.
Florencio Beccar, Head of EMEA Retail, CBRE Global Investors commented: “Mongolfiera Lecce has an excellent track record and shown resilience over the years with exceptional tenant sales performance.
We have identified a number of asset management opportunities that will generate strong rental growth.
With the combination of a stable attractive income yield and rental growth potential, the asset is an excellent addition to our shopping centre portfolio and our first acquisition for this particular strategy in Italy.”
Alberico Radice Fossati, Transactions Manager Italy, CBRE Global Investors added: “The Italian retail sector is generally performing well on the back of the rebound in consumer confidence. The investment fundamentals for this acquisition are solid and it should be a strong performer.”
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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