Amsterdam-based investment firm Eurocommercial Properties (ECP) said on Friday that it has opened a 12,000 m[sup]2[/sup] extension and refurbishment of the Centro Carosello retail scheme situated on the outskirts of Milan. The extension opened this week on schedule, fully leased and on budget, the company said in a statement. The centre is located in a strong retail zone opposite Ikea, Castorama and Decathlon on Milan's eastern ring road. The total cost of the extension and refurbishment amounts to approximately EUR 82 mln.
Amsterdam-based investment firm Eurocommercial Properties (ECP) said on Friday that it has opened a 12,000 m2 extension and refurbishment of the Centro Carosello retail scheme situated on the outskirts of Milan. The extension opened this week on schedule, fully leased and on budget, the company said in a statement. The centre is located in a strong retail zone opposite Ikea, Castorama and Decathlon on Milan's eastern ring road. The total cost of the extension and refurbishment amounts to approximately EUR 82 mln.
The extended retail centre has an area of 52,500 m2 and is fully let with 115 shops, including major anchors Carrefour, Saturn (MediaMarkt), Oviesse, Zara and H&M. The mall also offers some 3,700 parking spaces, 1,900 of which are covered.
When the 1,200 food court is completed in September 2009, the centre will deliver a net return on cost of over 7%.
