European listed shopping centre specialist Corio has signed a preliminary agreement for the acquisition of the Palazzo del Lavoro project in the Italian city of Turin. The financial details of the transaction which was announced just before Christmas were not been disclosed.

The vendor is Pentagramma Piemonte.

The acquisition concerns an existing monumental building and the adjacent land that will be refurbished and redeveloped into a shopping centre with a total GLA of 28,000 m2. The Palazzo del Lavoro shopping centre is expected to open in 2014.

Corio said that the project fits very well with its strategy to create Favourite Meeting Places in an urban historic monument.