Europa Capital has acquired the retail gallery of the Galleria Borromea shopping centre in Milan with joint venture partner Franco Gardella for €81.6 million. Europa Capital completed the investment on behalf of Europa Fund IV.
Galleria Borromea is a new, purpose built centre that opened in Nov 2011 and boasts an eco-design utilizing geothermal heating and cooling and with the rare accolade of an A Energy Rating. Galleria Borromea has a superb and highly visible location adjacent to excellent new high capacity road infrastructure. Its location in the immediate suburbs of Milan has enabled it to engage a captive and wealthy catchment area. The centre comprises 27,700m2 of GLA providing the retail gallery of 18,270m2 GLA, and an IperCoop hypermarket. The retail gallery provides 88 retail units and is anchored by MediaWorld and C&A supported exclusively by strong national and international brands.
Jason Oram, Head of Southern Europe at Europa Capital, stated “We are delighted to be investing again in the Italian market and to be working in joint venture with Franco Gardella, acting as local partner. We believe that Galleria Borromea offers Europa Fund IV the opportunity to continue to enhance turnover performance of the asset, in a sector that is attracting increasing interest from domestic and international institutional investors”.
Franco Gardella stated “This asset displays key characteristics attractive to international investors such as the eco-conscious design, an excellent location and the presence of strong brands all in a scale compatible with its core market.”
PrimoRE advised Europa Capital on the acquisition.
Notes to Editors:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
For further information contact:Gordon Simpson/ Charlotte WhitleyRLM FinsburyPhone: +44 207 251 3801