Blackstone and Multi acquire Palmanova Outlet Village and AVM in Italy (IT)

Multi announced the acquisition by Blackstone Real Estate Partners Europe IV of Palmanova Outlet Village, a 22,000 m² high-quality outlet centre located between Trieste and Venice. The village which opened in 2008, hosts over 90 retailers, including Calvin Klein, Nike, Adidas, Guess and Tommy Hilfiger and generates approx. three million customer visits per year.
As a result of this acquisition, Blackstone now owns a portfolio of five upmarket factory outlet centres throughout Italy, located in Lombardy, Tuscany, the Venice region and Puglia. The platform, one of the largest in Italy, totals 150,000 m² with approximately 650 shops, and attracts 15 million visitors a year. Annual sales across the platform are close to € 400 million. Blackstone was advised on the acquisition of Palmanova by Cushman & Wakefield.
Multi also announces the acquisition of Added Value Management Srl (AVM), an established Italian company specialising in the management of outlet centres. Founded in 2009, AVM was the external manager of Blackstone owned outlet centres. Multi will rebrand its new subsidiary into Multi Outlet Management Italy. Under the leadership of Mr Dario Pistone, former director of AVM, Multi Outlet Management Italy will become Multi’s specialist factory outlet centre team, focused on creating value across Blackstone’s factory outlet portfolio in Italy.
Source: Multi