The expansion is financially made possible thanks to a pooled transaction for a total of Euro 40 million in favor of Settimo Sviluppo Spa. In fact, as a mandated lead arranger, bookrunner and agent, it subscribed a share of Euro 21.5 million. The other participating banks with different shares are Credit Agricole, BPM and CARIGE. The Pool is intended for the financing of the last expansion phase of the Settimo Cielo Retail Park which will see the construction of a commercial gallery (35 shops) and a food court, all for an area of 26,000 square meters that will be added to the buildings already existing for a total area of about 69,000 square meters.
“The expansion of Settimo Cielo is an investment of great value, both for its economic entity, that in terms of attraction to consumption and trade and job creation, spread over an area in a fundamental geographical position, all entrance to the highway of the great Italian megalopolis Turin Milan, hyperconnected in transport, business and public life. The completion of Settimo Cielo will also allow the city to return to being competitive with the other large shopping villages in Northern Italy, ”says Piero Boffa, President of Building spA.
The construction began in September and the inauguration of the expansion is expected between the end of 2018 and the first months of 2019, when the park will reach a total size of 69,000 square meters with 4,500 parking spaces. Next, the development of a 11,000-square-meter play and recreation area is also announced. The expansion will be perfectly integrated with the current commercial context, medium / large surfaces and smaller cutting shops distributed on a single level, with large parking areas and pedestrian paths designed to move the flows throughout the area.
Also in terms of offer and brand, the marketing will be aimed at ensuring the maximum complementarity between the existing commercial area – characterized by the presence of category killers of different sectors with a particular focus on the home – and the new development. In addition to food & grocery, the extension will include a selection of national and international clothing and accessories brands, personal care products, services and a food court with a rich selection of proposals for the different daily frequency bands.
Signs of primary importance have already shown interest in the business park, which provides operators with a base of around 9 million presences per year, excellent visibility from the Turin-Milan (A4) and Turin-Aosta (A5), ease of access from the Turin metropolitan area, and state-of-the-art plant solutions, designed to optimize management costs while minimizing environmental impact. The direct connection with the A4 motorway is also recent.