Tristan Capital Partners has furthered its move into the Italian retail property market with the acquisition of Le Centurie shopping centre near Padua in north east Italy, for €29 mln.
The pan-European real estate investment manager advised on the purchase of the centre for its European Property Investors Special Opportunities 3 (EPISO 3) fund, securing a purchase price that reflects a net initial yield of 7.6%
Sameer Godbole, executive director investments at Tristan Capital Partners, said: “This is a great addition to the retail portfolio that we are assembling in Italy following the purchase of four assets in Piedmont, Rome and Sicily earlier this year. While Le Centurie opened in 2012 and is fully occupied, we see lots of ways of enhancing value through targeted initiatives.”
The 11,161 m² shopping centre located in San Giorgio della Pertiche, 17 km northeast of Padua, adjoins an Iper Rossetto hypermarket, which is not included in the transaction. The single storey property is divided into 40 units occupied by retailers that include Euronics, Eurobrico, Piazza Italia and Rizzato Calzature. The shopping centre also provides parking for 1,000 vehicles.
Pradera has been appointed as the asset manager, building on the longstanding partnership between the company and Tristan to acquire and manage retail assets in Europe. In total the Tristan portfolio managed by Pradera in Italy currently consists of five shopping centres including Le Centurie.
Roberto Limetti, managing director and head of Pradera Italy, commented: “We are delighted to have sourced a fifth asset in Italy on behalf of Tristan and to have been appointed as asset managers. Le Centurie is a well performing asset with genuine potential for improvement and adding real value through active asset management thanks to our local presence and deep understanding of the Italian real estate market.”
Tristan and Pradera’s long standing joint venture has also seen the acquisition of numerous properties in the UK including Hylton Riverside Retail Park near Sunderland and the Hatters Way Retail Park on the outskirts of Luton. The Tristan portfolio managed by Pradera in the UK currently consists of 11 retail warehouse parks.
Source: Tristan Capital Partners
