The asset was purchased on behalf of the CBRE European Shopping Centre Fund II (ESCF II) from the Orion Income Return Partners fund.

Although financial details were not disclosed, the asset is understood to have been sold by Orion for a price in excess of its acquisition price from developer Foruminvest in 2013 of €135 mln.

The shopping centre is located in Molfetta, north of the town of Bari and has a catchment area of over 250,000 inhabitants.

'Gran Shopping Mongolfiera Molfetta is a leading shopping destination with high and stable occupancy rates driven by strong tenant demand. We are very pleased to have been able to secure this acquisition for ESCF II,' commented Alberico Radice Fossati, head of transactions Italy, CBRE Global Investors.

Opened in 2008, the asset comprises around 35,000 m2, including a mall and hypermarket (which is not part of the transaction) and is fully let to international tenants that include Zara, Stradivarius, Bershka, Pull & Bear, Oysho, MediaWorld and Mc Donald's.

It is the dominant shopping destination within the area and has 2,500 parking spaces. In 2016, it attracted 5.3 million visitors.

'The fund concentrates on buying assets that are dominant within their catchment area and provide an attractive combination of stable income streams and growth potential; Mongolfiera is an excellent example of this,' said Toby Smith, portfolio manager for ESCF II Fund.

'It is also one of the final acquisitions for the fund, which is expected to have 12 assets under management in total, with a total Fund GAV of c.€1.3 bn when fully invested,' added Smith.

_____________________________

Outlook 2018: Europe & Italy Investment Briefing 

Date: 1 March 2018 
Location: Dentons - Italy, Piazza degli Affari 1, Milan

PropertyEU's latest Italian morning discussion panel is hosted by Dentons in Milan on 1 March 2018. Come to this time-efficient briefing, hear the view of market-leading experts and get to ask your own questions. Attendance is free but registration is essential.

Click here for informaton on the speakers and to secure your place