The Aareal Italy Fund has completed the acquisition of the ´Il Giulia Shopping Centre´ in Trieste in a deal of almost â¬40 million. The deal takes the core-plus fund´s investments to over â¬300 million in retail and office assets across Italy.
The closed-end fund for institutional investors is managed by Aareal Property Services in Amsterdam, part of the Asset Management Group of Aareal Bank.
This transaction is the fundâs second shopping centre in Italy and the sixth shopping centre acquisition for the funds of Aareal Property Services in Southern Europe in the last four years. Il Giulia is a 15,000 square metre neighbourhood centre completed in 1992. Aareal Property Services will reposition the centre.
Ronald ten Bokum, Managing Director of Aareal Property Services, sees a significant
potential in the centre. âThe neighbourhood centre Il Giulia is a fundamentally solid
investment. It has seen new local competition over the last couple of years, but we have
delivered on situations like this elsewhere in Europe, notably in Spain. We are looking to revitalize the centre with some significant new investments and to ensure further
appreciation.â
The Aareal Italy Fund has also recently concluded the acquisition of the third and final
building of the ´Via Laurentina 760´ office complex in Rome, in a â¬22 million sale and
leaseback transaction with the Italian software group Datamat .
Source: Aareal Bank
