Aareal Italy Fund and GE Real Estate Italy have announced the signing of a Sale and Purchase Agreement for the Primavera retail mall in Rome's city center for approximately €60 million.
The Primavera retail mall, Rome
The 12,300 m² mall is located in the Viale Della Primavera in the center of Rome, and comprises 45 retail units over two floors. The anchor tenants are supermarket operator SMA and electronics superstore operator MediaWorld, which each occupy 2,500 m².
Aareal Asset Management has been advised by the legal firm Studio Santa Maria and GE Real Estate by Ashurst.
Charles Pridgeon, CEO of Aareal Asset Management, commented: "The proceeds of the sale of Primavera are earmarked for further acquisitions in Italy for Aareal Italy Fund."
Ronald ten Bokum, Managing Director of Aareal Property Services, and Mathieu Cassinis, Acquisition Director of Aareal Asset Management srl, explained that they are very satisfied with the sale. "We have once again demonstrated the ability to add substantial value to our investments, for the benefit of our investors."
Source: Aareal Asset Management