On Monday the European Union Commission approved French real-estate company Klepierre SAÂ's, a unit of BNP Paribas, purchase of a 40% stake in ItalyÂ's Immobiliare Gallerie Commerciali Spa. The deal is worth about EUR 31 million.
The Italian company operates nine commercial centers and has an option on a 10th currently under development. Klepierre said the centers generate EUR 10.6 million in rental income in 2001.
Another Italian retailer, Finiper SpA, which sells food, healthcare, household and electrical household appliances, will continue to hold the remaining 60%.
(source: Eurpean Commission)