European privately-held asset manager GWM has emerged as the buyer of the Italian island of Sicily's largest shopping centre from local developer and landlord, Gruppo Cualbu.
Although financial details were not disclosed, well-informed market sources told PropertyEU that the price amounted to €145 mln.
The deal is believed to reflect a cap rate approaching 10%.
The purchase represents the first acquisition by GWM Group in the South of Italy. Over the past few years the Luxembourg-based group has invested in a number of Italian shopping centres including Market Central Da Vinci near Rome, Italy's largest retail park, and the 8Gallery shopping centre in Turin.
With a total surface of 100,000 m2, Centro Sicilia opened in 2011 and is located in Misterbianco near Catania. It includes a 8,750 m2 hypermarket, 140 stores, an UCI multiplex, recreation areas as well as over 5,000 parking spaces.
CBRE advised on the deal.