Antegnate shopping center sold for €150 million (IT)

CB Richard Ellis has successfully completed the sale of the Antegnate shopping center in Bergamo, northern Italy.

Antegnate shopping center

Antegnate shopping center in Bergamo, northern Italy.

CBRE advised Stilo Group, the Italian development company owned by the Percassi Group, on the sale of the new prime shopping center for over €150 million to AXA Immoselect, a German open-ended fund managed by Axa Investment Managers GmbH.

The shopping center which is located in the southwest area of Bergamo opened in April 2009, and totals 39, 000 m² of retail space. The center has 90 stores on one level and is home to a selection of high-quality fashion brands including, Nike, Zara, Guess, Benetton and a number of consumer electronic retailers, and also features restaurants and cafés.

Paolo Bellacosa, Capital Markets Executive Director of CBRE Italy, who led the sale process on behalf of the vendor, commented: "This transaction represents the sustained demand for quality retail investment assets. We are delighted with the results of this sale given the challenging market conditions."

CB Richard Ellis and Chiomenti Studio Legale advised the Stilo Group.

Source: CBRE

Related News