From Germany, an important investment for the Turin real estate market: Settimo Sviluppo S.p.A. and the Building Group sell Settimo Cielo Retail Park.
Turin, 11 September 2015. Settimo Cielo, the retail park outside Turin, was sold yesterday to a German institutional investor who purchased it through an Italian vehicle company for around € 45 million. The transfer to the German group of the Settimo Torinese Retail Park property took place through the sale of the respective properties by Building S.p.A. and Settimo Sviluppo S.p.A. This sale, carried out by UBS Italia for the institutional investor will not entail any change in commercial activities, nor any loss of jobs.
<< The agreement demonstrates the recovery of the real estate market – declared Piero Boffa, President of the Building Group – after years in which investments in this area were limited to speculative funds, German investors, investing in retail park management, believed in the future of the city and in the potential real estate development of the metropolitan area even in the face of the expected expansion that will certainly increase the interest of Turin’s consumers >>.
The Italian vehicle company has acquired most of the commercial activities present, with the exception of the buildings of Decathlon, Piazza Italia and Pittarello. << Building and Promocentro, through the Seventh Development, will remain responsible for the expansion of Settimo Cielo which, once completed, will become one of the largest retail parks in Italy >> announces Lino Guatteo, President of Promocentro Italia. The investment, expected at € 70 million, is aimed at expanding the area of the commercial park by approximately 30 thousand square meters, with the presence of 60 new commercial and catering activities. At the same time, the Turin-Milan works will be completed, which will allow access to the area directly from the motorway. The opening of the construction sites is set for the beginning of 2016, and the duration of the works is scheduled for 18-24 months.
Settimo Cielo Retail Park is located in a strategic area in the municipality of Settimo Torinese, at the intersection of important routes such as the Turin-Milan (A4) and the Turin-Aosta (A5), easily reachable from the metropolitan area of Turin and from the entire north-eastern region of the Turin province. Settimo Cielo is a new concept of retail park, where different worlds meet to create a unique and complete offer. Each building is dedicated to specific product categories: the particularity of the structures and the quality of the merchandising mix offer the best business prospects.
The Gruppo Building was founded in Turin in 1983 by the Boffa family; Piero, with his son Luca, leads the company today with the aim of creating architectures that stand out from serial production, through the direct management of the entire process, from the acquisition of areas to the design and construction of properties held in assets, with a particular commitment to research into architectural solutions and materials.
Promocentro Italia and its subsidiary Cogest Retail are leaders in Italy in the promotion, marketing and management of shopping centers and multi-purpose complexes. With twenty years of experience and work in 112 shopping malls, they have the know-how, organization and tools to meet the needs of all the investor-operators and the tenants, maximizing their commercial success and enhancing the value of the investment in real estate.