Allianz Real Estate, on behalf of the Italian Allianz insurance companies, has taken the majority stake in the "Fiumara" shopping and leisure center in the seaport of Genoa, at a price of nearly €150 million.
The shopping center, along with the nearby entertainment center, has an area of more than 40,000 m² and it attracts around 10 million visitors annually. 104 retailers and nine restaurants and bars are spread over approximately 25,000 m² on three levels. Main tenants include both national and international prime brands. The leisure area, covering 16,000 m², houses a UCI cinema center with 14 screens as well as a bowling alley and a gaming center.
Duff & Phelps' Role
Duff & Phelps Real Estate Advisory Group served as independent real estate advisor to the Investment Committee of the Board of Allianz Real Estate (“the buyer”) and issued an independent valuation of the real estate asset for purchase purpose and market analysis, aimed at assessing the scheme catchment area, turnover performance and its effort rate.
About Allianz Real Estate
Allianz Real Estate is one of the world's leading property investment and asset management. Under the strategic management of the holding in Munich and Paris, country branches are locally responsible for the operative management in their market regions. Through this, Allianz Real Estate is able to secure its long term local presence in the key markets of the future. The goal hereby is the development and management of a globally diversified and centrally managed real estate portfolio on behalf of the Allianz investors.