Pradera and New End are pleased to announce the acquisition of two retail assets in Italy. The shopping centres, “Il Ducale” in Vigevano (PV) and “Costaverde” in Montenero di Bisaccia (CB), property of the Chronos fund, have been sold to an institutional investor with Pradera acting as an investment and asset manager and New End as a co-investor and advisor to Pradera.
Acquired by the Chronos fund and managed by Kryalos SGR on behalf of Bain Capital since the end of 2020, the centres have been enhanced through asset management initiatives driven by Pradera over the period, hence maintaining their operational and financial resilience since the beginning of the Covid-19 crisis.
The acquisition of the two malls represents the first step for New End towards a broader acquisition strategy in dominant convenience-led centres across Europe. The performance of such an asset class has proven to be sustainable and shock resilient being driven by their specific geographical locations and tailored tenancy mix.
Roberto Limetti, Managing Director at Pradera, commented: “These particular assets have proven their natural resilience to market fluctuations over the past two years due to a mix of factors, including convenience aspect, need-based consumer visits, and dominant competitive position. We are thrilled to have completed this first acquisition with New End for our investor and look forward to sourcing new opportunities in the convenience-led retail real estate market together with our partners.”
Simone Tedeschi, Managing Director at New End, commented: “We are delighted to announce our first two acquisitions in this asset class and are looking forward to working with Pradera and our co-investor on these exciting assets where we see a substantial value creation opportunity.”