Italian real estate developer and investor CDS has signed an agreement with discount supermarket chain Lidl for the development and subsequent sale of a 6,500-m[sup]2[/sup] retail asset in Vicenza, Northern Italy. The financial details were not disclosed.
Italian real estate developer and investor CDS has signed an agreement with discount supermarket chain Lidl for the development and subsequent sale of a 6,500-m2 retail asset in Vicenza, Northern Italy. The financial details were not disclosed.
The project is part of a larger urban requalification project carried out by CDS which involves the development of a total of 16,000 m2 of commercial and residential space. Construction work is expected to start in 2012.
'This transaction has a strategic relevance for CDS as it allows the company to strengthen its relationship with an important player in the Italian food retail market,' said Enrico Biffi, CDS' Chief Operating Officer. 'The forward sale of this asset is consistent with our prudent development approach adopted in the last two years aimed at reducing the overall development risk.'
Late last year CDS announced plans to develop a 20,000-m2 mixed-use project in Rome through a partnership with Multi Development, while in Southern Italy it has recently started construction of the Cotoniere shopping centre near Salerno, representing an investment of EUR 85 mln.
