Orion Income Return Partners has bought the share from Dutch property company Foruminvest ItaliaA core fund managed by Orion Capital Managers has bought a 50 percent stake in Mongolfiera Molfetta shopping centre near Bari in Italy.
Dutch Property Company Foruminvest Italia sold the share at an undisclosed price to the Orion Income Return Partners, a pan Europe vehicle.
The shopping centre developed by Foruminvest Italia opened in March 2008 and comprises of 35,000 square metres of shopping space anchored by an IperCoop hypermarket. In a statement, Orion said sales turnover at the centre had been increasing by 8 percent – 9 percent annually since opening.
Forum In the Mall, which is the shopping centre management company of the Foruminvest Group and Forum TV, the entertainment division, will continue to manage the asset for the joint venture.
Though no price was publicised, the value of the centre is thought to be in the region of €140 million.
Italy has not been a particularly popular destination for international foreign investors since the global financial crisis, but some transactions have taken place.
Last year, Allianz Real Estate acquired the Porta di Roma shopping centre, Italy’s largest mall, for €440 million, immediately selling a 50 percent stake in the retail asset to Iinvestment firm Corio. The centre was purchased from Porta di Roma and Gallerie Commerciali Italia, and will be owned in a 50-50 joint venture.