CDS, an Italian real estate investment, development and construction company, has signed an agreement with Lidl, a leading European discount supermarket chain with more than 500 stores in Italy, for the development and the sale of a 6,500-m² retail area in Vicenza.
Within the agreement, CDS will develop and also construct the new discount supermarket store for the German chain, once planning is granted.
This project is part of a larger urban requalification project that will be developed on a 16,000-m² area, which is being managed by CDS, and will include commercial and residential space. The development is located in via della Pace, one of the main access roads to the city center. Development is expected to start in 2012.
"This transaction has strategic relevance for CDS as it allows us to strengthen the relationship with an important player in the Italian food retail market," said Enrico Biffi, Chief Operating Officer, CDS.
"The pre-sold nature of this area is consistent with our prudent development approach adopted in the last two years aimed at reducing the overall risk of the developments and minimizing reliance on its own balance sheet."
Source: Twister Group