Acting on of behalf of the PERF Fund, managed by Pradera Europe, Jones Lang LaSalle has sold the Romagna Retail Park to Klepierre for more than 69 million.
The Romagna Retail Park, which opened in 2004, is located in Savignano sul Rubicone (Forlì Cesena). It comprises circa 40,000 m² of GLA, including 25,210 m² of retail units let to Decathlon, Scarpe&Scarpe, Maisons du Monde, Casa, Conbipel, Piazza Italia and 13,329 m² of leisure units let to tenants including a UGC Cine Citè cinema, a bowling alley and a food court.
Klepierre, an experienced shopping center owner, manager and developer active in 13 countries across Continental Europe, is already the owner of the Romagna shopping center adjacent to the Retail Park.
Davide Dalmiglio, Head of Retail Capital Markets of Jones Lang LaSalle Italy, said: "The sale of the Romagna Retail Park represents a very important deal for the Italian investment market, particularly as it is the first retail park transaction since end of 2008 and demonstrates that there is continued investor demand for quality product in Italy. Although retail investment across Europe largely focused on shopping centers in 2010, retail parks have shown resilience during the economic downturn, and we anticipate that such assets that are well located, with a strong tenant mix and efficient management will continue to attract the interest of institutional investors."
Roberto Limetti, Head of Pradera Management Italy, comments: "After seven acquisitions completed on behalf of our two Funds (PERF and PERF 2) in the Italian market over the last four years, we decided to dispose of an asset thus proving there still is a market for good institutional quality assets. The sale of the Romagna Retail Park does not in any way change our strategy in Italy, which is still focused on expanding our portfolio under management with at least three to five new acquisitions in 2011. These new acquisitions will be on behalf of the Pradera Open Ended Retail Fund and our new Pradera European Retail Fund 3."
Source: Jones Lang LaSalle