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Pradera and joint venture partner AXA Investment Managers - Real Assets complete acquisition of the 8Gallery shopping centre in Turin, Italy, for €105 million

Pradera announces that it has completed the acquisition, in a Joint Venture with AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe acting on behalf of clients, of a minority interest in the 8Gallery shopping centre in Turin, Italy. The total purchase price is €105 million.

Located in the iconic Lingotto Complex, 8Gallery, a top-ranked Turin retail destination, totals 23,300 sqm of GLA over two floors, with 4,000 parking spaces. It is let to a diverse range of national and international brands. Alongside 8Gallery, the Lingotto Complex houses a 2,300-seater cinema, two hotels, a conference centre and a Polytechnic University of Turin campus with the historic mixed-use destination extending to more than 150,000 sqm.

The proposed asset management strategy will seek to capitalise on the centre’s dominant catchment with a number of value-enhancing initiatives. Permissions have been granted for the refurbishment of the northern entrance, with the aim of reinforcing the 8Gallery brand and improving customer flows, as well as a c. 7,700 sqm extension, to deliver additional medium and large sized units, further diversifying the tenant mix and significantly improving the income profile.

The shopping centre benefits from excellent public transport links, with the City Centre less than 15 minutes by metro, as well as its close proximity to Turin’s ring road which provides access to a catchment area of 1.6 million people within a 30-minute drive.

Stefano Viciguerra, Joint Head, Pradera Management Italy added: “We are pleased to be working alongside AXA IM – Real Assets on the asset management and development of 8Gallery. Pradera’s Italian and international retail and leisure teams see huge potential to further enhance the attraction of such an iconic complex for the local customer base and for the increasing number of tourists visiting the city each year.”

Ian Chappell, Head of Value-Add and Development Funds at AXA IM - Real Assets, commented: “8Gallery fits with our stated value-add strategy of acquiring assets which offer significant capital growth potential and where we can leverage our pan-European local footprint to the benefit of our clients. We are pleased by this acquisition of a landmark urban shopping centre which has excellent real estate fundamentals and strong upside potential through re-positioning and an extension. We will continue to deploy capital in value-added strategies given our increasing investor interest and our focus on sourcing new opportunities in this space.” 

 (1) Source: INREV/ANREV Fund Manager Survey – May 2018– in terms of assets under management

Pradera News

Llobregat Shopping Centre in Barcelona, Spain, promotes sustainable mobility with “Park & Ride”

First ever “Park & Ride” in a shopping centre in the region officially launched this week

Read whole story

Back by popular demand: Homepark Targówek, Warsaw, Poland, brings back the Domomarket Craft Fair

Homepark Targówek has announced the return of the popular Domomarket Craft Fair on 17-18 September

Read whole story

Leading fresh food chain Grand Frais opens at Les Armoiries Shopping Centre, Bry-sur-Marne, France

1,925 dedicated to high quality fresh produce at competitive prices

Read whole story

Homepark Wuerzburg, Germany, welcomes new anchor tenant

OPTI-Wohnwelt opens 10,000 sqm store at Homepark Wuerzburg

Read whole story

Bottega in Bio expands footprint with new opening at Le Due Valli Shopping Centre, Pinerolo, Italy

Natural, organic beauty and well-being Italian retailer opens at Le Due Valli

Read whole story

Trafford Centre launches its biggest external live event ever

Trafford Centre has unveiled a vast live event to entertain visitors this summer

Read whole story

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Background Photo:
Ragusa: Ibleo Shopping Centre