The FINANCIAL — Allianz Real Estate has closed the acquisition of the Porta di Roma shopping mall in Rome, Italy, from Porta di Roma S.r.l. and Gallerie Commerciali Italia S.p.A.
"The total volume of the transaction was in the order of 440 million euros at a Net Initial Yield of 6.4 percent. Meanwhile Allianz sold a 50 percent stake to Corio. It will be now owned in a 50/50 percent joint venture structure. The acquisition is subject to approval of the EU antitrust authority," Allianz Real Estate says.
"After the acquisition of Allee Shopping Center in Budapest at the end of last year we are proud and pleased that the Porta di Roma transaction in Italy has now also been finalized. This joint venture with Corio in Rome corresponds to our current investment strategy with which we are also developing the retail volume in our portfolio," states Olivier Piani, Global Head of Allianz Real Estate.
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