The property fund company DEGI Deutsche Gesellschaft für Immobilienfonds mbH and Irish Life Assurance is purchasing from the Italian developer Parsitalia S.R.L. adviced by Cushman & Wakefield, by way of a forward commitment, the 'Laurentino' shopping center project development in Rome. The total investment volume will be of around 357 mln.
Artist impressions of the 'Laurentino'
While DEGI is acquiring it´s 50.1% majority interest for its special fund DEGI EUROPE RETAIL, Irish Life is acquiring it´s 49.9% interest for individual investors. The purchase price will be paid after completion of the property, by 2010, in accordance with the letting status. The transaction will be implemented through a sale of 100% interest of a Special Purpose Vehicle. DEGI and Irish Life Assurance have been advised by Savills Frankfurt.
With approximately 53,200 m² of retail space on two levels the shopping centre will provide for 160 shops, a hypermarket, a cinema and a fitness center. After its completion, Laurentino will rank among the largest modern shopping centers in Italy's capital. Laurentino will be situated in the south of the city, adjacent to one of Rome's main arteries (Via Laurentina) and in close proximity to the ring road (GRA). The Via Laurentina is used by a large number of commuters every day. Around half a million residents can reach the shopping center in 20 minutes by car.
Focus on retailing
Launched in April 2007, the DEGI EUROPE RETAIL is the first property special fund for several investors of DEGI. Over the next three years, the fund aims to invest around 1.5 bln. all over Europe, primarily in shopping centers and specialist retailing malls, but also in inner-city retail locations. Around half of this sum is earmarked for Western Europe, the other half for nations of Eastern and South-Eastern Europe plus Turkey. The fund has already purchased its first property, in the shape of the Kröpelin Tor Centre in Rostock, scheduled to open its doors in September 2007.
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