Simon Property Group, Inc. (NYSE: SPG) has announced that the Porta di Roma shopping center in Rome, Italy has been opened to the public. The center is the joint development of the Lamaro Group, a major Rome-based construction and development organization, and Gallerie Commerciali Italia, SPG's Italian joint venture partnership with Groupe Auchan. The project is located on the north side of Rome adjacent to the Grande Annulare, the peripheral highway which circles the city. The trade area for Porta di Roma contains approx. 1.3 million people.
Artist impression of Porta di Roma.
The 1.3 million-ft² center (Italy's largest shopping center) opened 97% leased and is anchored by Auchan, LeRoy Merlin, IKEA and a 14-screen UGC Movie Theatre. Other major tenants include Coin, Decathlon, Douglas, Fnac, H&M, Zara, and Zara Home, as well as a broad range of small shops (210 in total) leased to significant national and international retailers. The center also includes 17 food establishments and a wide array of service providers including a post office, bank, and gym.
With the opening of this project, GCI owns interests in 42 shopping centers in Italy comprising approximately 9 million ft² of GLA. Three additional centers currently under construction - two in Naples and one in Milan - will comprise 1.7 million ft² of GLA and are anticipated to open in the fall of 2007 and the summer of 2008.
Hans Mautner, Chairman of GCI and Simon Global Limited, said, "I believe that Porta di Roma sets a new standard for shopping centers in Italy. We are proud to have partnered with Lamaro and Auchan in this development, and we expect that it will be a significant retail force in one of the world's great cities."