ING Real Estate and the Singapore Government's GIC Real have teamed up to buy the new Roma Est mall in Italy for EUR 400 million – the largest single retail property transaction to date.
The property was purchased from Italian food-retailing leader Gruppo PAM. ING Real Estate has added the property to the ING Retail Property Partnership Southern Europe and has been appointed asset manager.
“We expect retail to continue to perform well in a market that is underprovided. Roma Est is one of the leading and state-of-the-art shopping centres in
The RPPSE fund has a target size of EUR 1.2 billion to be invested in retail properties in
GIC Real Estate’s president Dr Seek Ngee Huat said prime retail assets are rare to come by in
“It is a promising new retail asset that provides the key elements of location, operational potential and good management that we look for in investment opportunities. We are confident of its long-term rental growth potential and believe it is an excellent addition to our global portfolio of retail assets,” he added.
Roma Est Shopping Centre is one of the largest shopping centres in
The centre’s main tenants include both international and national brands such as Panorama hypermarket, Vis Pathe multiplex cinema, Ovvio, Media World, Pellizzari, Piazza Italia, H&M, Apple and Zara.
Roma Est is located in the
Australian Property Journal
