Aareal Asset Management Italy (AAM) completes the re-launch plan of downtown shopping center 'Il Giulia' in Trieste, Italy. Built in 1992 il Giulia was the first shopping center in town. The property, which is conveniently located in a central densely populated neighbourhood, has 50 units and a GLA of approx. 15,200 m² over three levels.
Following acquisition in December 2004, AAM designed and implemented a re-launch plan which was successfully completed with a grand opening event on the 8th of December 2006. The re-launch plan, which was based upon solid market research data, had a holistic approach and was implemented whilst keeping the center fully in operation. Activities involved the architectural restyling of both interiors and exteriors, designed by Chapman Taylor Architetti, the upgrade of the merchandising mix quality, which involved re-letting or renovation of over 65% of the center GLA, a communication and marketing campaign as well as a customized customer-care training programme for tenants.
The renovation works were carried out in phases in order to minimise disruption on the retailers businesses; this strategy coupled with ad-hoc site logistics arrangements proved to be effective as footfall remained stable and even increased by a few percent. It is expected that by end of 2007 footfall would increase by over 20% and substantial rental uplift would follow.
Marco Dall'Orso, General Manager of AAM Italy, said: "Il Giulia is now set for substantial growth in 2007 and is an example of how first generation facilities can be successfully regenerated with beneficial impact on the tenants' businesses and the local community, whilst meeting, if not exceeding, investment return targets".
Charles Pridgeon, CEO of AAM, said: "This project clearly demonstrates once again how AAM proactive asset management approach generates superior returns to Investors in our Funds."