Neinver, the Madrid-based firm, has acquired the second phase of Castel Guelfo factory outlet centre near Bologna in Italy.
The firm said the phase is being incorporated into its €480 million Irus European Retail Property Fund.
Neinver acquired the first phase from developer ING Real Estate in 2008. Like the first phase, the expansion has around 50 shops, 85 percent of which have been let.
The Irus fund closed in 2007 and owns properties in Germany, Poland, Spain and Portugal.