GIC, Singapore’s sovereign wealth fund, has acquired a 50% interest in RomaEst Shopping Center from a Fund managed by CBRE Global Investors. Following the purchase, GIC, which already owns 50% of RomaEst through an affiliate, will be the sole owner of the Italian shopping center. CBRE Global Investors continues to be the asset manager for the center.
The acquisition demonstrates GIC’s confidence in the long-term prospects for Italy and in the future demand for prime regional centers. In addition to RomaEst’s stable cash flows, GIC sees opportunities to add value to the center through active asset management including leasing and refurbishment strategies.
RomaEst is located in Lunghezza, about 14 km to the east of Rome city center. The catchment area includes well over 1 million people within a 30-minute drive.
One of the largest shopping centers in Italy, RomaEst comprises a mall of 208 units, a hypermarket and a 12-screen cinema. The 102,000 m² of gross lettable area is arranged over two levels and has 10 anchor stores of over 1,000 m², 10 mid-sized units between 500-1,000 m², 23 bars and restaurants. The remaining space is occupied by smaller retail units. The center’s main tenants include both international and national brands such as Apple, Hollister, H&M, Zara, GAP, Media Markt, Panorama hypermarket, UCI multiplex cinema, Pellizzari and Piazza Italia. RomaEst is also served by a three-level car park with 6,750 spaces.