Europe’s largest luxury designer outlet, Serravalle Designer Outlet, near Milan, one of 20 McArthurGlen Designer Outlets across Europe, announced its expansion.
Serravalle will expand to open a further 70 new stores, building its position as one of Europe’s top fashion destinations, and a great day out from nearby Milan. The existing center will also be refurbished as part of the investment.
The expansion will add a further 12,500 m² of retail space to bring the total to 51,500 m². Together with the refurbishment of the existing center, works are due to start later this month (June), with a planned opening of the extension for autumn 2016.
At €115 mln, this is the largest investment in the center since McArthurGlen, the Group that brought designer outlet retailing to Europe, opened Serravalle in 2000 as the first designer outlet in Italy.
Since 2004, the center has been owned by the European Outlet Mall Fund (EOMF), managed by TH Real Estate and in which McArthurGlen is also an investor. McArthurGlen continues to be the center’s development, leasing and managing agent.
This latest expansion has been made possible following the signing of a joint venture between EOMF and Aedes Commercial Property Group.
Source: TH Real Estate