Immochan’s Italien subsidiary GCI transfers 3 assets to a real estate investment fund, managed by the E.N.P.A.M foundation, worth €266 million.
Croix, France, 2014-9-16— /EPR Retail News/ — The portfolio value, worth €266 million, concerns the shopping malls of Mestre, Bussolengo and Mesagne, with a total surface area of nearly 60,000 sqm. The transaction includes the future extension of the Bussolengo shopping mall, which will be transferred in the Fund at the time of its opening.
Immochan will be issued a minority stake in the fund and will provide property and leasing management services in relation to these assets. The majority investor is the ENPAM Foundation, National Welfare and Assistance Fund for doctors and dentists.
This transaction is part of Immochan’s very ambitious expansion strategy that plan on carrying out about 70 projects of creation and extension of its shopping centers in the next 3 years and a total investment amount of approximately €1.7 billion. Investments including in Italy, where in 2013, Immochan completed the extension of Mestre and Vimodrone and where other mall extensions are expected by 2018 in Rescaldina, at the gateway of Milan, Piacenza, Fano and Taranto.