06 October 2014
GIC, Singapore’s sovereign wealth fund, has acquired a 50% interest in RomaEst Shopping Centre from a Fund managed by CBRE Global Investors. Following the purchase, GIC, which already owns 50% of RomaEst through an affiliate, will be the sole owner of the Italian shopping centre. CBRE Global Investors continues to be the asset manager for the centre.
The acquisition demonstrates GIC’s 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 city centre. The catchment area includes well over 1 million people within a 30-minute drive.
One of the largest shopping centres in Italy, RomaEst 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. The centre’s main tenants include both international and national brands such as Apple, Hollister, H&M, Zara, GAP, Media Markt, Panorama hypermarket, UCI multiplex cinema, Pellizzari and Piazza Italia. RomaEst is also served by a three-level car park with 6,750 spaces.
GIC is a leading global investment firm with well over $100 billion in assets under management. Established in 1981, the firm manages Singapore’s foreign reserves and is uniquely positioned for long-term and flexible investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,200 people across 10 offices in key financial cities worldwide. For more information: www.gic.com.sg.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.