Savills Investment Management announced that its Italian real estate sale & leaseback Mercury Fund (the Fund), established on behalf of Italian retailer Conad, has attracted a further €183 million ($209 million) of new investment.
Investors in the fund include three consortia of Conad, the largest consortium of independent retailers in Italy (Conad Adriatico, Conad Centro Nord and Conad Tirreno), and Gruppo Cattolica Assicurazioni, an Italian leading insurance company.
The purpose of the fund is to enable the Conad consortia to focus on its core retail activities and accelerate its development plans in the Italian retail market, in accordance with the growth strategy that has characterized the group in the recent years.
Conad CentroNord has increased its portfolio in the Fund by adding €33 million ($38 million) of properties, while Conad Tirreno has transferred €20 million ($23 million) and committed to transferring a further €130 million ($149 milli
