Luxembourg-based Focus Estate Fund has secured its first Italian asset with the acquisition of Barimax Shopping Village in Bari, marking a pivotal expansion into southern Europe's resilient retail market. The €18m transaction signals the fund's confidence in Italy's retail recovery whilst diversifying beyond its established Polish and UK strongholds.
The 18,785 m² retail park in northern Bari delivers immediate appeal with its blue-chip tenant roster anchored by FAMILA supermarket, alongside fashion retailers Sinsay, OVS, and Cisalfa. The asset's strategic positioning on the SS16 Adriatica state road, coupled with proximity to Bari's international airport within 8km, creates a compelling accessibility proposition that retail investors increasingly prioritise in post-pandemic asset selection.
What makes this acquisition particularly noteworthy for institutional investors is the robust 8.4-year weighted average unexpired lease term (WAULT), providing exceptional income security in an era of rental volatility. This duration significantly exceeds the European retail average of 5.2 years, offering a defensive income stream that pension funds and insurance companies actively seek amid economic uncertainty.
"This acquisition represents a significant milestone for the Fund as we continue to diversify and expand across Europe. Entering the Italian market marks an important step in our long-term growth strategy," said Maxim Shkolnick, General Partner of Focus Estate Fund. The fund worked with advisors BDO, Gleeds, and Legance to complete the transaction, with Banco BPM providing financing.
Pradera, retained as asset manager, brings local expertise crucial for navigating Italy's complex retail landscape. "We are pleased to have supported this successful transaction and are delighted to be retained by Focus Estate Fund as asset managers of Barimax Shopping Village," confirmed Stefania Emanuele, Joint Head of Pradera Management Italy.
The acquisition expands Focus Estate Fund's European footprint to 13 assets totalling 220,000 m² across Poland (10 assets), the UK (2 assets), and now Italy. With continental European retail values showing signs of stabilisation after significant repricing, the fund's expansion into Spain, Portugal, and France positions it advantageously for the next market cycle.
People mentioned:
- Maxim Shkolnick, General Partner, Focus Estate Fund
- Stefania Emanuele, Joint Head of Pradera Management Italy
Companies mentioned:
- Focus Estate Fund - Luxembourg-based private equity real estate investment fund
- Pradera - Asset management company
- Banco BPM - Italian banking group providing financing
- BDO - Professional services firm (advisor)
- Gleeds - Property consultancy (advisor)
- Legance - Law firm (advisor)
- FAMILA - Supermarket chain (anchor tenant)
- Sinsay - Fashion retailer (tenant)
- OVS - Fashion retailer (tenant)
- Cisalfa - Sports retailer (tenant)
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