Europa Capital has acquired the retail gallery of the Galleria Borromea shopping centre in Milan with joint venture partners Franco Gardella and William Gould for €81.6 million.
Galleria Borromea is a new, purpose built centre that opened in Nov 2011 and boasts an eco-design utilizing geothermal heating and cooling and with the rare accolade of an A Energy Rating. Galleria Borromea has a superb and highly visible location adjacent to excellent new high capacity road infrastructure. Its location in the immediate suburbs of Milan has enabled it to engage a captive and wealthy catchment area. The centre comprises 27,700sqm of GLA providing the retail gallery of 18,270sqm GLA, and an IperCoop hypermarket. The retail gallery provides 88 retail units and is anchored by MediaWorld and C&A supported exclusively by strong national and international brands.
PrimoRE advised Europa Capital on the acquisition and is retained within the Asset Management Team together with Franco Gardella.