European shopping centre specialist ECE Projektmanagement has made its first move in the Italian market with the purchase of the Megaló shopping centre in Chieti, Central Italy, from the SEB ImmoInvest open-ended property fund. The selling price is substantially above the current market value, SEB said in a statement.

The transaction was made on behalf of the ECE European Prime Shopping Centre Fund.

PropertyEU reported in August that ECE was in due diligence to acquire the mall, which is said to have a market value in the region of EUR 140 mln. ECE first announced in February last year that it was planning to enter the Italian market.

The Megaló mall, opened in 2005, provides more than 48,500 m2 of rental space and 110 shops on two levels as well as 2,800 parking spaces. Anchor tenants are a Billa superstore, Media World, Giometti Cinemy, Brico Io, H&M, Scarpe&Scarpe as well as Zara. Takeover of management and leasing by ECE in cooperation with Larry Smith Italia is scheduled for December 1, 2011.

'I am pleased that we can now take the first specific step with regard to the announced expansion to Italy. Italy is a market with great opportunities but also considerable challenges. This is why we will continue to proceed selectively in future,' said ECE's CEO Alexander Otto.

SEB acquired the mall in December 2005 from Sirecc, a subsidiary of the local project developer Boldrin Costruzioni, for EUR 126 mln.

Earlier this week the ECE fund confirmed the purchase of the City-Passage shopping centre in Bielefeld, in the Ostwestfalen-Lippe region. Financial details were kept confidential.