VastNed Retail has sold the ‘Panorama’ shopping center in Parma in line with its intention to dispose of its Italian property portfolio.
The sale was made to Lasalle Investment Management for one of the funds under its management at a price above the latest appraisal value of December 31, 2003.
The ‘Panorama’ shopping center is a neighbourhood shopping center with a lettable floor space of 9,000 m². The current annual gross rental income is approximately €1.5 million.
Hans Pars, chief investment officer of VastNed Retail, commented:
‘With this sale VastNed underscores its focus on its core countries the Netherlands, Spain, Belgium and France. In those countries we have our own management organisation, and we see enough opportunities to expand our position there.'