Sonae Sierra is teaming up with Impresa Pizzarotti & c SpA in a 50/50 joint venture for a roughly €200 million project in Parma, Italy.
The urban regeneration project will create a new shopping district with a shopping center and a retail park with a total gross lettable area of roughly 74,000 square meters and 170 units.
An abandoned industrial area to the north of Parma that formerly housed an Italina kitchen's factory will be redeveloped in the project.
The shopping center will have a gross lettable area of roughly 53,000 square meters and the retail park will span roughly 21,000 square meters. The overall shopping district will cover roughly 300,000 square meters including green areas and more than 5,100 parking spaces.
More than 30% of the total gross lettable area has already been leased by Italian and international brands.
Delivery is scheduled for autumn 2019.
Part of the project's cost is financed by a pool of banks represented by UniCredit as bank agent together with Banca IMI and Banco BPM.
Sonae Sierra develops, invests in and manages retail assets across the world and is a controlling shareholder of Sonae Sierra Brasil SA.
Impresa Pizzarotti operates internationally in infrastructure, energy and construction.