Meraville Retail Centre in Bologna, Italy has been acquired by Orion European Real Estate IV CV, a fund managed by Orion Capital Managers. The acquisition of 35,452 m² site from Pradera Holdco Sarl comes after Orion Fund IV completed its recent fundraising, being fully subscribed at €1.3 billion of equity capital commitments. The total amount of the acquisition has been reported to be around €80 million.
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, and the entire center has experienced strong growth under Pradera’s ten year management.
Van Stults, Founding Partner and Managing Director of Orion Capital Managers, said: “We are pleased to acquire the successful Meraville retail property which performs well serving the Bologna region. This continues Orion’s active positive presence of over 14 years in the Italian market.”
Roberto Limetti, Managing Director and Head of Pradera Italy, commented: “Pradera is pleased to complete with Orion for the disposal of Meraville. It has been a highly successful asset for the Pradera European Retail Fund for the past ten years. During this period, we have experienced over 25% per cent sales rise across the park and under Pradera’s management, a number of significant lettings and value added projects were completed.”
Orion Capital Managers is a European real estate investment firm formed in 1999. Its business is commercial real estate investment management on behalf of major investors from around the world.
Pradera is a specialist retail sector fund and asset manager that operates through a variety of in-house discretionary funds, joint ventures and separate mandates.
Source: Aylwin Communications