ING, the global finance institution, and Sonae Sierra, the global shopping centre specialist, have sold 90% of their share in Le Terrazze Shopping Centre to the global real estate investment manager, Union Investment.
The parties reach an agreement that the purchase price would not be disclosed. Sonae Sierra will continue its role in management for the centre, as a joint venture 10% partner with Union Investment. All the parties involved in the deal have indicated their satisfaction at the conclusion of this transaction. Sonae Sierra will continue their growth by looking for further development opportunities within Italy.
The centre was developed by ING Real Estate and Sonae Sierra and was opened during 2012. Since then, the centre has become one of the top centres in its catchment region. It offers a gross leasing area of 38455m², along with 2000 parking spaces. During 2013, Le Terrazze welcomed more than six million visitors and showed final sales figures in excess of €73.6m. Its occupancy rate is set at 99.5% which is indicative of its high quality and value.
