On May 10, Foruminvest Italia sold its 50% stake in shopping center Mongolfiera Molfetta, near Bari in Southern Italy to a private investor, after having sold its first 50% 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 in 2011. The shopping center is sold at a price of around €135 million.
The shopping center developed by Foruminvest Italia opened in March 2008. The center consists of 35,000 m² GLA and 2,750 parking spaces. In 2012, Mongolfiera Molfetta had 5,500,000 visitors while the sales turnover of the center has been increasing by 13% annually since opening, performing positively through any economic slowdown.
Foruminvest Italia will continue to manage the shopping center for the joint venture.
David Ermia, CEO of the Foruminvest Group, commented that they are very satisfied with this transaction and want to continue their relationship on future projects as well.
The private investor was consulted by Osborne Clarke, Bonelli Erede Pappalardo, Accuracy, Pirola Pennuto Zei & Associati, while Jones Day and Studio Bellavite Pellegrini advised Foruminvest Italia.