ING Real Estate Investment Management has announced an agreement with the PAM Group regarding the Lunghezza shopping centre in Rome. The agreement is expected to lead to ING Real Estate Investment Management’s acquisition of the entire 120,000-square-metre Lunghezza mall once the property is completed and opened to the public.
PAM Group is one of Italy’s leading retailers and operates under several brands, namely PAM, Panorama, Meta, IN’s and Cibis. PAM Group has extensive experience as a retail developer, which has supported the growth of its retail business.
The two-level Lunghezza shopping centre is under construction and is scheduled to open mid 2006. The shopping centre will be one of the largest retail destinations in Italy and will include a Panorama hypermarket, a Vis-Pathé cinema and a wide assortment of specialist retailers in more than 200 shops.
Located 14 kilometres east of the city of Rome, Lunghezza’s catchment area includes more than one million people. ING Real Estate Investment Management has targeted the region around Rome on the basis of its strong investment fundamentals.