Antea RE, a joint venture between Ceetrus Italy and Runca, has secured €124 mln of financing from a pool of banks for its new shopping centre scheme in Turin, Italy.
The first phase of the To Dream urban district project worth a total of €250 mln opened in April of this year.
The initial section, comprising 25,000 m2, consists of 56 commercial, F&B and service activities, including 14 restaurants.
The entire project, with a total area of 270,000 m2, is due for completion in H2 2024 and stands on the site of the former Michelin factory in Corso Romania.
Once completed, Turin’s largest shopping mall will consist of 100 stores, including top brands and new brands in Italy.
Law firms Gianni & Origoni and Giovannelli e Associati respectively assisted the financing banks and Antea RE in the structuring, negotiation and signing of the financing contract.
The sponsor is New Immo Holding, a French firm which, like Ceetrus, is part of the Auchan group.
Francesco Federico, CEO of special purpose development vehicle Romania Sviluppo, added: ‘To Dream was born with the ambition of bringing benefits to a wide territory; it is an extraordinary urban regeneration project with a clear social value.
'The complete project recovers more than 270,000 square meters of industrial area giving back to citizens a piece of the city that will offer services, employment, accessibility, efficient and alternative mobility systems (including soft mobility).’