Three Italian malls sold for €200m
Orion European Real Estate Fund IV, sponsored by Orion Capital Managers LLP, has acquired a portfolio of three shopping centers in northeast Italy from Unicomm, totaling 1.18 million square feet and 250 stores. A sales price was not disclosed in the official press release; however, it has been estimated at approximately €200 million ($248.4 million).
The centers are the 547,883-square-foot Palladio Shopping Center in Vicenza with 89 shops; the 428,403-square-foot Emisfero in Fiume Veneto with 70 shops; and the 386,424-square-foot Emisfero in Monfalcone with 46 shops.
It is Orion’s second Italian investment in the past 12 months. The firm acquired the Meraville retail center in Bologna for approximately €80 million ($99.36 million).
The seller is the hypermarket operator Unicomm (fully owned by the Cestaro family), is a shareholder in the Selex purchasing group and is a leader in the region with a €1.8 billion ($2.24 billion) turno