CBRE Italy advises on sale of "8 Gallery"
Investors Pay c. €80 m for Shopping Centre in Turin, Italy
CBRE Italy, part of CBRE Group, the global real estate services firm, has advised private clients of CBRE Global Investors on the sale of “8 Gallery” - a shopping centre in Turin. The mall was sold for approximately €80 million to funds and clients of the independent financial Group GWM.
8 Gallery Mall, which opened in 2002, is located within the historical Lingotto complex, one of Italy’s finest examples of industrial architecture converted to commercial, recreational and cultural purposes. The two-storey shopping centre has a letting area of approximately 23,400 square meters (251,875.5 square feet) and a total of 87 units, currently let to a variety of national and international brands such as Zara, Desigual, Toys, Bata, Napapijri, Foot Locker, North Sails and Swarovski.
The mall also has the most comprehensive food court in the country comprising 15 restaurants and bars, and in which KFC recently opened its second restaurant in Italy. The shopping centre also benefits from its proximity to primary tourist attractions such as Lingotto Fiere, which annually hosts international events (“Salone del Libro” and “Salone del Gusto”); Eataly; the historical headquarter of FIAT; il “Ponte del Lingotto”, which was built for the 2006 Winter Olympics and the new headquarters of the Piedmont region.
For these reasons, along with its close proximity and easy access to Turin’s subway, 8 Gallery is the favorite shopping and leisure destination in Turin, confirmed by more than 7 million visitors per year (Source: CNCC - National Council of Shopping Centers).
This transaction is another example of the growing interest from international investors in the
Italian market, particularly in the Shopping Centre sector.
Italy is now fully back on international investors’ radar. However, it is not just the investors who are focusing on Italy again, we are seeing an increasing amount of bank lending, mostly international, to Italian real estate which is now looking more stable with the ability to drive good returns.