A 50/50 partnership between Italian developer Coopsette and local construction firm Impresa Pizzarotti has sold the Eurosia retail gallery in Parma, northern Italy for around EUR 30 mln, PropertyEU has learnt.

The buyer is the Mediolanum Real Estate fund, managed by the asset management division of banking group Mediolanum.

CBRE, which was mandated to sell the asset in spring 2011, advised the vendors throughout the sale process. 'We are proud to have been able to finalise this transaction in a moment in which financial markets are volatile,' Paolo Bellacosa, head of CBRE's capital markets team in Italy, told PropertyEU. 'This demonstrates the quality of the product and the level of interest generated by the retail sector among institutional investors, including Italian ones.'

The property includes 30 shops over roughly 7,000 m2 of gross lettable area. It is anchored by a 10,000-m2 Ipercoop hypermarket, which is not included in the deal.

The transaction comes hard of the heels of last month's sale of Parma's Fidenza shopping park to Cordea Savills' Radegonda closed-end investment fund for around EUR 40 mln.