CBRE completes joint venture for €80 million retail development (IT)

CB Richard Ellis Italy's Capital Markets team has successfully formed a Joint Venture Partnership between Nordiconad, Italian food retailer, and CMB, Italian constructor, for the development of a 30,000 m² shopping center, adjacent to the new Turin stadium project, developed by Juventus FC.


The shopping center will be located in the North area of Turin.

The total investment value for the development exceeds €80 million. CBRE advised Nordiconad and will continue to work with the JVP to provide exclusive letting activity for the shopping mall.

The shopping center will be located in the North area of Turin and will open in autumn 2011. With 30.000 m² GLA, the center will reach an important catchment area totalling 1.6 million inhabitants and will host a Conad Leclerc Hypermarket and a selection of fashion and sport brands.

Paolo Bellacosa, Capital Markets Executive Director of CBRE Italy, commented: "This is the first transaction regarding the development of a shopping centre linked to the Stadium of one of the major Italian football teams. CBRE is delighted to have found, on behalf of Nordiconad, a Joint Venture Partner for the development of such a quality scheme and to continue to work with the JVP providing the letting activity by CBRE Espansione Commerciale."

Source: CBRE

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