Eurofund Group has entered the Italian market with an agreement to acquire Parma Retail, located in Parma, Northern Italy. The centre comprises circa 40,000m² and will be transformed into Italy's first open-air, fully integrated retail and leisure promenade. Following the company’s active expansion spanning the UK, Portugal and Spain, Eurofund Group’s first Italian project will replicate the company’s proven track record in the creation of Retail & Leisure "destinations" that combine retail, entertainment, leisure, Food & Beverage, together with outdoor sports activities.
Eurofund Group intends to invest €25m to transform Parma Retail into ‘Parma Promenade’ thus ensuring the long-term operational success of the centre, with works to commence by the end of 2023. In addition to strong international, and national, tenants already present in the centre such as Kiabi, OVS, Decathlon, Euronics,Tedi, Pepco, Terranova, and Cisalfa, the transformation will attract flagship international fashion, Food & Beverage, and leisure brands to the project.
Just as importantly, the terrace of 4,000m² located on the first floor of the centre will host Eurofund Group’s ‘anti-mall’ concept, The Hood. Initially launched at UBBO in 2019, it is a community-focused neighbourhood concept gathering the best of street food, leisure, culture and art. Parma Promenade will also include a tailored food offering that will harness Parma's recognised status as Italy’s ‘Food Valley’.
Ion Saralegui, Eurofund Group CEO, commented: “This is a significant milestone for Eurofund Group, especially as we are entering a mature retail market, where Eurofund Group’s experience and value proposition is best placed to create a unique retail and leisure destination that satisfies revolutionised consumers expectations. We are happy to have consolidated our knowledge and assets in other markets and we are now very excited to bring that expertise to the Italian market. As part of this new project, Eurofund Group is looking to establish an Italy office in Milan, from which Stéphane Hepburn, Italy CEO, and Clemens de Meij, Financial Analyst, will oversee and coordinate the acquisition and transformation of this and future projects.”
Stephane Hepburn, Italy CEO, added: “We are delighted to be working on Parma Promenade as our first project in Italy. It is in one of the country’s most affluent cities and provides a distinctive offering, with little competition in the immediate catchment area. Transforming the existing structure means we can fulfil the strong potential of this centre and create a fully integrated retail and leisure promenade.”