Foruminvest Italia sells 50% stake in Mongolfiera Molfetta Italy to Orion Income Fund (IT)

On February 11, 2011, Foruminvest Italia sold a 50% stake in its Mongolfiera Molfetta shopping center near Bari, in southern Italy to OIRP Investments 2 S.A.R.L., a subsidiary of Orion Income Return Partners, a pan-European core fund sponsored by Orion Capital Managers.

Mongolfiera Molfetta

Mongolfiera Molfetta.

The shopping center developed by Foruminvest Italia opened in March 2008. The center consists of 35,000 m² GLA, including an IperCoop hypermarket of 10,000 m² GLA and 2,750 parking spaces. In 2010, Mongolfiera Molfetta had 6 million visitors and the sales turnover of the center has been increasing by 8%-9% annually since opening, performing positively through any economic slowdown.

Forum In the Mall (the management company for shopping centers of the Foruminvest Group) and Forum TV (the entertainment company of the Foruminvest Group) will continue to manage the shopping center for the joint venture.

David Ermia (President of Foruminvest Italia and one of the two shareholders in the Foruminvest Group) and Van Stults (one of the Founding Partners of Orion Capital Managers) commented that they are very satisfied with this transaction and want to continue their relationship on future projects as well.

Orion was consulted by Latham & Watkins law firm and Jones Lang LaSalle, while Jones Day law firm advised Foruminvest Italia.

Source: Foruminvest B.V.

Related News