Multi Corporation has partnered with funds managed and/or advised by Hayfin Capital Management to co-invest in the newly established Fondo Sun, which has finalized the acquisition of the Forum Palermo shopping centre in Sicily, Italy. This is the first acquisition made by Fondo Sun, which has been established to pursue attractive investment opportunities across the retail sector. As part of the transaction, Multi will continue to act as the property manager. Fondo Sun will be managed by Kryalos SGR.
Forum Palermo is the largest shopping centre in the city and attracts 8 million visitors a year. It has 135 shops, including brands such as Nike, Zara and H&M, as well as 2,500 parking spaces. It has also benefited from a range of repositioning work in recent years. Multi completed an extension and renovation of its food court area in 2021, with the objective of expanding and improving the range and quality of dining options at the mall to increase both footfall and dwell time. As part of this, five new restaurants and three new kiosks were added, and a new terrace area was created along with a much larger indoor seating area.
Elmar Schoonbrood, Co-CEO of Multi, said: “We are delighted to have delivered this transaction for Blackstone and look forward to continuing our 15-year involvement with Forum Palermo – a scheme we built and have successfully refurbished. Now as an operating partner and co-investor, we are committed to delivering the next chapter of its development as we work to evolve the tenant mix and drive further growth in footfall.”
Image source - Multi Corporation.
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