Benson Elliot has acquired Centro Commerciale La Meridiana, a shopping centre in Bologna, Italy, through the acquisition of 100% of the share capital of Raptor Srl, the owning SPV. Meridiana was purchased from TMW Immobilien Weltfonds, an open-end global real estate fund controlled by CACEIS Bank Deutschland.
Meridiana is a 35,000m2 shopping centre anchored by an Esselunga hypermarket (which is not included in the transaction), Virgin Active fitness centre, 9-screen UCI Multiplex cinema, OVS and Unieuro. Other high profile tenants include Benetton, Sephora and Sisley. The centre, one of the largest in the Bologna area, lies five kilometres west of the city centre in an affluent and densely populated area. It comprises 42 units over two levels, with around 1,650 parking spaces.
The acquisition of Meridiana marks the latest transaction in a busy period in Italy for Benson Elliot. Since 2014, the firm has acquired six properties across the country’s four largest economic regions (Lombardy, Lazio, Veneto and Emilia-Romagna), which collectively generate over half of Italy’s GDP. Benson Elliot’s Italian investments to date represent value of over €500m, and comprise: the Westin Palace Hotel in Milan; the Westin Europa & Regina Hotel on the Grand Canal in Venice; the Sheraton Hotel in Rome; Monticello, a luxury residential development overlooking the Vatican in Rome; and the Terminal Nord retail park in Udine.
Joseph de Leo, Benson Elliot senior partner, said: “In April 2014 we announced our intention to be an early mover into a recovering Italian market, and we’re pleased with the progress we’ve made since then. Over the past 24 months we’ve secured a high quality portfolio in the four regions that underpin Italy’s investment markets and drive the Italian economy.
“Centro Commerciale Meridiana is the dominant shopping centre in an affluent, but under-served, retail trade area. We’ve identified a number of initiatives to add value, much as we have at Terminal Nord in Udine, and look forward to working with the centre’s retailers to deliver an enhanced shopping experience for customers and an attractive return for Benson Elliot’s investors.”
