Germany's ECE Projektmanagement is in due diligence to acquire the Megalò shopping centre in the central Italian city of Chieti from SEB Asset Management, PropertyEU has learned. A source close to the negotiations process confirmed on Tuesday that the company is in advanced talks to buy the shopping centre in what would be the first move by the German retail specialist in the country.

The scheme is understood 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.

Opened in 2005, the shopping centre offers around 48,600 m2 of retail space over 110 shops including a Multiplex cinema, restaurants and 2,800 parking spaces. SEB acquired the mall in December 2005 from Sirecc, a subsidiary of the local project developer Boldrin Costruzioni, for EUR 126 mln. The purchase was made on behalf of the SEB ImmoInvest open-ended real estate fund.

Both ECE and SEB declined to comment.