CBRE Global Investors has completed the acquisition of the company owning the Gran Shopping Mongolfiera , Molfetta in Italy, on behalf of the CBRE European Shopping Centre Fund II (ESCF II). The company was acquired from Orion Income Return Partners (a fund sponsored by Orion Capital Managers) and HB Capital.
The shopping centre is located in Molfetta, north of the town of Bari and has a catchment area of over 250,000 inhabitants. Bari is the second most important economic centre of mainland Southern Italy and has a high percentage of young inhabitants.
Opened in 2008, the asset comprises ca. 35,000 sqm, including a mall and hypermarket (which is not part of the transaction) and is fully let to international tenants that include Zara, Stradivarius, Bershka, Pull & Bear, Oysho, MediaWorld and Mc Donald’s.
It is the dominant shopping destination within the area and sits within a retail and leisure hub with good accessibility from the route linking Bari to the cities of Barletta and Foggia. It has 2,500 parking spaces and in 2016 attracted 5.3 million visitors.
Alberico Radice Fossati, Head of Transactions Italy, CBRE Global Investors said, “Gran Shopping Mongolfiera Molfetta is a leading shopping destination with high and stable occupancy rates driven by strong tenant demand. We are very pleased to have been able to secure this acquisition for ESCF II.”
Toby Smith, Portfolio Manager for ESCF II Fund commented; “The Fund concentrates on buying assets that are dominant within their catchment area and provide an attractive combination of stable income streams and growth potential; Mongolfiera is an excellent example of this. It is also one of the final acquisitions for the Fund, which is expected to have 12 assets under management in total, with a total Fund GAV of c.€1.3bn when fully invested.”
Source : Company