AIG/Lincoln Sells Retail Park in Rome for $174M
- Aug 21, 2013
AIG/Lincoln has sold Da Vinci Market Central, a popular retail park in Rome, to funds managed by CWM Group for €130 million, which is approximately $174 million.
Dentons, a global law firm, advised AIG/Lincoln on the sale.
“Da Vinci Market Central is a well developed and leased shopping center completed following not only local but also global best practices,” Evan Lazar, partner & member of the global board of Dentons, told Commercial Property Executive. “Italy was a hot market for investment in 2007 and 2008 but from September 2008 until the beginning of this year, international investors were shying away from there. The Da Vinci and a few other transactions this year have shown that the international investors are back in Italy.”
Da Vinci Market Central is the largest retail park in Italy with 62 units and more than 58,000 square meters of space. It attracts in excess of 10 million visitors per year and is situated in a prime location near the Leonardo Da Vinci international Airport, and the Rome City Center.
According to Lazar, Dentons is in 79 global markets and despite the fact that the firm is not present in Italy, it was able to provide advice and support to AIG/ Lincoln during the sale.
“We have one of the largest if not the largest intergraded global real estate practices. Nearly every day a Dentons real estate lawyer is closing a substantial acquisition or sale whether in the U.S., Canada, Europe or Asia,” Lazar said. “Clients come to us for both local and global knowledge. Clients know that the Dentons real estate team is true real estate team. We do acquisitions and dispositions of major real estate assets as part of our core day-to-day business.”
The Dentons team advising AIG/Lincoln was led by Stewart Middleman, head of cross-border transactions for Dentons’ European Real Estate Group.