Acquisition due diligence and ABI-compliant appraisals preparatory to the deal were carried out by Avalon
Crea.Re Group has acquired with a group of local investors the Galleria Subalpina in Turin from a real estate fund managed by Kryalos SGR. The company, which is active in the real estate market in real estate trading, development and repositioning operations, finalized the deal with the aim of continuing the asset’s enhancement path to make it once again a commercial and cultural hub in the city.
Located in the heart of Turin, the historic shopping arcade covers an area of 14,000 square meters and includes 21 retail units occupied by historic and recent tenants. Avalon (Yard Reaas Group) assisted Crea.re Group in the transaction by performing acquisitive due diligence on the entire asset and ABI-compliant valuations.
“We are honored to continue to enhance the value of Galleria Subalpina, which celebrates its 150th anniversary this year, commented Andrea Tessitore, president of Crea.RE.
The historic shopping arcade had been taken over in 2021 by Reale Compagnia Italiana; under management by Kryalos, it had undergone numerous renovations on entrances, marbles, bas-reliefs, and the Sabaudo living room. Green areas had also been created for restaurants and public use, encouraging cultural initiatives and events.
Translated with DeepL.com (free version)