Specialist retail sector fund and asset manager, Pradera, has been awarded a coveted asset management contract at the 37,000 m² Meraville Retail Park in Bologna, following the purchase of the site by Orion European Real Estate Fund IV in November 2013.
Pradera will provide asset management services as well as property administrative services on behalf of Orion European Real Estate Fund IV, a €1.3 billion fund sponsored by Orion Capital Managers.
Situated six kilometers from Bologna city center, the successful site has a strong catchment area thanks to nearby major road links and its location neighboring Italy’s second largest wholesale food market. Its offering includes Coop, Decathlon, Leroy Merlin and Mediaworld.
The park was owned and managed by Pradera for ten years until its sale to Orion European Real Estate Fund IV. It had experienced strong growth under Pradera, experiencing more than a 25% per cent sales rise across the park, as well as the completion of a number of significant lettings contracts and value adding projects.
Roberto Limetti, Managing Director and Head of Pradera Italy, said: “We are pleased to have been appointed as asset manager at Meraville Retail Park as it was a consistently successful asset in our European Retail Fund during the last decade. We understand the asset, its retailers and its consumers, and look forward to working with Orion to support the center’s continued success.”