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Tristan Fund Acquires Le Centurie Shopping Centre near Padua, Italy, for €29.0 Million

London - A fund advised by pan-European real estate investment adviser Tristan Capital Partners has acquired Le Centurie shopping centre near Padua in North East Italy, for €29.0 million. The purchase price reflects a net initial yield of 7.6%.

The 11,161 sq. m. shopping centre located in San Giorgio della Pertiche, 17 kms northeast of Padua, has been acquired by the European Property Investors Special Opportunities 3 (EPISO 3) fund. The shopping centre adjoins an Iper Rossetto hypermarket, which is not included in the transaction.

Sameer Godbole, Executive Director Investments at Tristan Capital Partners, said: “This is a great addition to the retail portfolio that we are assembling in Italy following the purchase of four assets in Piedmont, Rome and Sicily earlier this year. While Le Centurie opened in 2012 and is fully occupied, we see lots of ways of enhancing value through targeted initiatives.”

The single storey property is divided into 40 units occupied by retailers that include Euronics, Eurobrico, Piazza Italia and Rizzato Calzature. The shopping centre also provides parking for 1,000 vehicles.

Pradera has been appointed as the asset manager, building on the longstanding partnership between the company and Tristan to acquire and manage retail assets in Europe. In total the Tristan portfolio managed by Pradera in Italy currently consists of five shopping centres including Le Centurie.

Roberto Limetti, Managing Director and Head of Pradera Italy, commented: “We are delighted to have sourced a fifth asset in Italy on behalf of Tristan and to have been appointed as asset managers. Le Centurie is a well performing asset with genuine potential for improvement and adding real value through active asset management thanks to our local presence and deep understanding of the Italian real estate market.”

Tristan Capital Partners was advised by Matteo Troni and Francesca Tresoldi of Jones Day, Claudio Schettini of Studio Pirola and Silvia Baroffio of Accuracy.

The vendor has been advised by Studio Corgnati and the lawyer Alberto Gusso.

Marco Montosi of Cushman & Wakefield managed the sale process on behalf of the vendor.

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