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BNP Paribas REIM SGR and Gallerie Commerciali Italia Spa set up a EUR700 mln reserved fund

Posted on 09 July 2012

BNP Paribas REIM SGR p.A. and Gallerie Commerciali Italia Spa (GCI), a company of the Auchan group, have sealed an agreement to set up the ‘Prime Shopping Value’ closed-end real estate fund under Italian law.
GCI will contribute 15 retail properties (13 shopping centers and two retail parks) to the fund, distributed throughout Italy and characterized by rent contracts with high-standing operators and retail chains. The operation, worth about €700 million, will be concluded once the Fund’s shares have been allocated to institutional investors………………………………………..Full Article: Source


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