Crestline Investors has acquired two premier shopping centres in Italy, The Il Ducale in Vigevano and Costaverde in Montenero di Bisaccia, with Pradera acting as an investment and asset manager and New End as a co-investor. The financial terms of the transaction were not disclosed.
“The performance of these assets during and after the pandemic was robust and we believe that quality assets in the right locations will generate attractive uncorrelated returns,“ said Anubhav Vaish, Senior Adviser at Crestline. “We look forward to sourcing new opportunities in the convenience-led retail real estate market together with our partners.”
“These particular assets have proven their natural resilience to market fluctuations over the past two years due to a mix of factors, including the convenience aspect, need-based consumer visits, and dominant competitive position,” said Robert Limetti, Managing Director at Pradera. “We are very proud to have stabilized the two centres in the last 12 months through our hard asset management work and we’re now focusing on furthering that value creation for the years to come.”
