08 January 2014

Major Italian Retail Transaction Completes Between Orion and Pradera

Meraville Retail Centre in Bologna, Italy has been acquired by Orion European Real Estate IV CV, a fund managed by Orion Capital Managers. The acquisition of 35,452 sq.m site from Pradera Holdco Sarl comes after Orion Fund IV completed its recent fundraising, being fully subscribed at €1.3 billion of equity capital commitments.

Six kilometres from Bologna city centre, the successful site has a strong catchment area thanks to nearby major road links and its location neighbouring Italy's second largest wholesale food market. Its offering includes Coop, Decathlon, Leroy Merlin and Mediaworld, and the entire centre has experienced strong growth under Pradera's ten year management.

Van Stults, Founding Partner and Managing Director of Orion Capital Managers, said "We are pleased to acquire the successful Meraville retail property which performs well serving the Bologna region. This continues Orion's active positive presence of over 14 years in the Italian market."

Roberto Limetti, Managing Director and Head of Pradera Italy, commented: "Pradera is pleased to complete with Orion for the disposal of Meraville. It has been a highly successful asset for Pradera European Retail Fund for the past ten years."

"During this period, we have experienced over 25% per cent sales rise across the park and under Pradera's management, a number of significant lettings and value added projects were completed."

Orion Capital Managers, is a European real estate investment firm formed in 1999. Its business is commercial real estate investment management on behalf of major investors from around the world.