16 December 2004 – LAWFUEL – First with law news – Corio, one of the largest quoted property investment companies in Europe, has added another shopping centre to its Italian real estate portfolio. The company has signed a contract to purchase part of the shopping centre Il Globo in Busnago (near Milan).
At this stage Corio has acquired 8,000 square metres of Il Globo 1 for the amount of EUR44.2 million together with a preliminary contract for the acquisition of the further 2,000 square metres for EUR0.4 million. The total acquisition price will increase upon the finalisation of this contract from EUR44.6 million to EUR46.0 million. The seller is Polis Fondi Immobiliari of Banche Popolari SGR.p.A..
Corio’s properties in Italy include the Shopville Gran Reno (Bologna), Marcianise (Naples) which is still under construction, Grand Emilia (Modena), Il Maestrale (Senigallia. Ancona), and Shopville Le Gru (Turin). In all, Corio’s Italian portfolio accounts for over EUR500 million. The acquisition of Il Globo complements Corio’s strategy which focuses on retail in general and shopping centres in particular in its ‘home countries’ the Netherlands, France, Italy and Spain.
Norton Rose, the international law firm, acted as legal adviser to Corio on this latest acquisition. Studio Galgano acted as legal adviser to the seller.
According to Norton Rose partner, and leader of the team advising Corio on this acquisition, Nicolò Juvara:
“Italy’s shopping centre development has lagged behind the rest of Europe, and Italy is now attracting the attention of retail real estate developers and investors from around Europe and North America, some of which are finding Britain, France and Germany increasingly saturated.”
The Norton Rose team was led by Nicolò Juvara, assisted by Andrea Sassi and Francesca Spinelli Barrile.