Neinver acquires €53m Italian factory outlet

The Spanish firm has acquired a retail asset for its pan European retail property fund.

Neinver has bought Castel Guelfo Outlet City near Bologna in Italy for its Irus European Retail Property fund.

Castel Guelfo Outlet City is located in Castel Guelfo, 25 kilometers from Bologna, developed by ING Real Estate. The property comprises 13,000 square meters of space occupied by 50 brand shops. Extension to the property is underway to double the number of stores.

In a statement, the firm said it has closed the deal for the acquisition of the first phase of the complex that is currently operating for a total of €53 million ($82 million). Meanwhile, a deal has been closed for a purchase option for the second phase, once the second phase commercialization and inauguration process has been completed.