Italy | ESP
IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. has inaugurated the extension of the ESP mall in Ravenna.
The company’s cash-out for this mall extension reached around €52 million, including approximately €5.7 million for primary and secondary urbanization works, accounting for rents in leases that have already been finalized. At capacity, the yield on cost is more than 8%. The investment is in line with Business Plan 2016-2018, which foresees continued work on other projects in the pipeline.
As a result of the extension, ESP has become one of the biggest shopping centers in Italy, as well as a point of reference and shopping hub for the Romagna region, thanks to its 47,000 sq m and 100 stores. From its inception, the goal of the project was to blend the new part with the existing area, both architecturally and from a retail standpoint. Great attention was paid to children, with the creation of an outdoor playground and a new internal play space. The extension’s occupancy comes to 97%.
Inside the mall, there is a vast range of merchandise dedicated to meeting the shopping needs of the whole family, thanks to premiere brands like Jack&Jones, Timberland, Zuiki, Apple Premium reseller, Tally Wejil, Adidas, Rinascimento, O bag, Tezenis, Prénatal, Swaroski, Bijou Brigitte, Gustavo Osteria Romagnola, Mozzarella e Basilico, Alice Pizza, Let’s Toast, Pianeta Piada, and others. The new addition will employ around 400 people—meaning ESP will now provide a total of 1,000 jobs.