ECE is set to take over a shopping center project in the Italian city of Verona. The project comprises a leasable area of 42,000 m² and will open with approximately 130 shops and service providers in 2017.
So far the developer of the site is CDS Holding from Erbusco (Brescia), an Italian real estate developer with more than 20 years of experience.
ECE has acquired 100% of the project and will also ensure the project's funding. ECE will cooperate with CDS for the development of the property. ECE Italia will take over the management of the center.
This is the second ECE investment in Italy following the acquisition of Mégalo shopping center in Chieti by the “ECE European Prime Shopping Centre Fund I” at the end of 2011. ECE established a subsidiary in Milan at the beginning of 2014.
The building permits for the project and the infrastructure measures have been activated as of yesterday. The construction will start with the excavation works in May 2015; the opening is scheduled for spring 2017. The center will house an Interspar hyper market on 4,500 m²; the tenant mix will include attractive Italian concepts and international retailers – many of them will debut in the region. It will also feature a diverse mix of premium restaurants and cafés.