PRADERA GEARS UP FOR ITALIAN ACQUISITIONS

After the acquisition in November of three Polish malls, retail property fund manager Pradera Europe is preparing to play it's next card.

In an interview with Property EU, the head of Pradera's Italian arm Roberto Limetti says the company is finalising talks on over EUR 300 mln worth of retail deals in the Italian market, where 'it is still possible to find secondary cities with an almost complete lack of retail provision'.

The purchases are expected to feed Pradera's open-ended fund, which has yet to make its first investment in the country, as well as the company's third European vehicle, planned to close later this year.

In Italy, Pradera has been active since 2001 with the opening of an office in Milan, and currently manages EUR 800 mln worth of shopping centres and retail parks throughout the country. It is planning to expand its team from an existing staff of 11 to 15 by the end of 2011.