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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

Pradera agrees lettings totalling 2,500 sqm for Les Armoiries Shopping Centre in Bry-sur-Marne, France

Grand Frais and Action to start trading at Les Armoiries Shopping Centre during the first half of 2021.

Read whole story

Plus size clothing retailer complements fashion offer at Costaverde Shopping Centre

Maqueda starts trading at Costaverde Shopping Centre

Read whole story

Domoteka wins “Retail Scheme Internet Campaign of the Year” award

A golden statuette for Domoteka

Read whole story

Pradera acquires Spanish grocery portfolio on behalf of new German pension fund client

Pradera completes the acquisition of a portfolio of six hypermarket assets in northern Spain on behalf of German pension fund

Read whole story

Revealing the new Lingotto Shopping Centre in Turin, Italy

The new Lingotto Shopping Centre re-opened for trading in a former FIAT car factory following a refurbishment and extension project in excess of €20 million

Read whole story

Istanbul Cevahir awarded for Alzheimer’s disease marketing awareness campaign

Istanbul Cevahir marketing campaign comes second in Felis Marketing Awards

Read whole story

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Background Photo:
Ragusa: Ibleo Shopping Centre