Lehman Brothers Real Estate Partners and B.Consulting have formed a 50/50 joint venture for the development of shopping centers, retail parks and other integrated development projects in Italy. Five initial development projects in Italy are slated, with investment of over 450 mln.
The joint venture will commence its activities with the development of five sites, located in northern and central Italy, on which it will build 4 shopping centres and one retail park, for a total surface of over 160,000 m² and with an investment of over 450 mln.
Lehman Brothers and B.Consulting intend to add further projects, currently being sourced throughout Italy to the joint venture.
"Lehman Brothers Real Estate Partners is an important financial partner for us" commented Claudio Zaniboni, CEO of B.Consulting, "the creation of this joint venture allows us to proceed with the development of these five sites, the preparation which we have worked on for some time, and to think about new projects, in Italy, where we have a significant know how, and abroad. The first five projects represent the first step of a plan to further develop the activities of the joint venture in Italy".
Gerald Parkes, European Head of Lehman Brothers Real Estate Partners said "We are glad to have concluded this agreement with B.Consulting, which allows us to enter the retail sector in Italy, which we believe will offer interesting investment opportunities, through a defined project pipeline and with a capable and dynamic partner".
Source: D'Antona & Partners