Tuesday, 2 December 2014
Orion European Real Estate Fund IV buys three shopping centers in North East Italy (IT)
Orion European Real Estate Fund IV sponsored by Orion Capital Managers LLP has acquired a portfolio of three shopping centers in North East Italy from Unicomm, totaling 110,000 m² and 250 stores. Sources indicate that the price is in the region of €200 mln.
The seller, the Hypermarket operator Unicomm (fully owned by the family Cestaro), is a shareholder in the Selex purchasing group and is a leader in the region with a €1.8 billion turnover in food sales.
The centers are:
-Palladio Shopping Center in Vicenza, comprising 50,900 m² with 89 shops including an Emisfero hypermarket
-Emisfero, Fiume Veneto, comprising 39,800 m² with 70 shops including an Emisfero hypermarket
-Emisfero, Monfalcone, comprising 35,900 m² with 46 shops including an Emisfero hypermarket
Unicomm has partially leased back the premises on a long term basis, remaining the hypermarket anchor through the brand Emisfero.
It is Orion’s second Italian investment in the last 12 months following on from the acquisition of the Meraville retail center in Bologna, and Orion remains committed to seeking further acquisitions in Italy.
Source: Aylwin Communications