Allianz Real Estate, on behalf of the Italian Allianz insurance companies, has taken the majority stake in the "Fiumara" shopping and leisure center in the port city of Genoa. Hence the company is continuing its investment strategy in the area of retail properties on an international level as well. The shares were sold by CBRE Global Investors.
Fiumara is conveniently situated between Genoa's old city center and the airport, serving more than 700,000 inhabitants within a 30 minute drive. The shopping center, along with the close-by entertainment center, has an area of more than 40,000 m² and attracts around 10 million visitors annually. 104 retailers and nine restaurants and bars are spread over an area of approximately 25,000 m² on three levels. Main tenants include both national and international prime brands. The leisure area, comprising just under 16,000 m², houses a UCI cinema center with 14 screensas well as a bowling alley and a gaming center. CBRE Global Investors will continue to manage the shopping and leisure center.
"By acquiring the stake in Fiumara we were again able to invest off-market in a retail property in Italy which promises to be another successful venture", says Mauro Montagner, CEO of Allianz Real Estate Southern Europe.
Source: Allianz Real Estate