GIC becomes sole owner of Italian shopping centre

Singapore - GIC, Singapore's sovereign wealth fund, has acquired a 50 per cent interest in RomaEst Shopping Centre from a fund managed by CBRE Global Investors.

With the purchase, GIC, which already owns 50 per cent of RomaEst through an affiliate, will be the sole owner of one of Italy's largest malls.

GIC said in a press release on Monday that the acquisition demonstrates its confidence in the long-term prospects for Italy and in the future demand for prime regional centres. In addition to RomaEst's stable cash flows, GIC sees opportunities to add value to the centre through active asset management including leasing and refurbishment strategies.

RomaEst is located in Lunghezza, about 14 kilometres to the east of Rome, in a catchment area that includes well over 1 million people within a 30-minute drive.

It comprises a mall of 208 units, a hypermarket and a 12-screen cinema. The 102,000 square metres of gross lettable area is arranged over two levels and has 10 anchor stores of over 1,000 square metres, 10 mid-sized units between 500-1,000 square metres, 23 bars and restaurants. The remaining space is occupied by smaller retail units.