NEINVER, a leading European player in the real estate market, has completed the acquisition of Castel Guelfo Outlet in Italy, incorporating it into the Irus European Retail Property Fund portfolio. The agreements for the acquisition of phase II from ING Real Estate Development was for 41.7 million.
Phase II includes 50 retail outlets.
Following the arrangements made with ING Real Estate Development in June 2008, when NEINVER bought phase 1 of Castel Guelfo Outlet, today IRUS is also acquiring phase II of the center. The phase II covers an area of 12,000 m² GLA and includes about 50 retail outlets, 85% of which have already been taken up. The whole scheme now comprizes a total of 24.000 m² of GLA with 100 units of retail space. After one year of the initial acquisition, the phase I enjoys 98% occupancy with footfall figures well above 25% year on year.
Alvaro Valiente, NEINVER General Manager in Italy, states, "We are very pleased with the acquisition of phase II of the Castel Guelfo Outlet, which means that the whole center joins the Irus Fund, enabling NEINVER to honor its commitment to its investors."
Source: Cohn & Wolfe