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The family-held property group has a number of development projects and retail management contracts, and is pushing ahead with a euro6oom leisure project near Milan's Linate airport
Prior to Italy closing for the summer break, Italian developer Gruppo Stilo sold its completed Antegnate mall, in Bergamo near Milan, to AXA's Immoselect fund. The German open-ended fund paid euroi5om for the centre, realising a gross yield of around 6.5%.
CB Richard Ellis director Paolo Bellacosa, who worked on the deal, believes that it is an important deal. "It was a national developer selling to an international investor, something the market has not seen much of recently," he says.
Gruppo Stilo is a subsidiary of the Percassi empire. The family-owned group has grown over a 30-year period and conducts two main lines of business: development, which is mainly done through Stilo, and retail development and management, through Premium Retail.
Owned by four brothers
Antonio Percassi and his three brothers, Giuseppe, Rino and Santo, own...