Real estate fund manager Eurofund Group has teamed up with Frasers Group to acquire the Grotte Center shopping mall in Italy.
The newly formed partnership has acquired the shopping mall in Italy’s Marche region and plans to implement a €35m redevelopment programme to extend and enhance the asset.
The redevelopment programme is scheduled for completion by late 2027.
The Grotte Center acquisition marks Eurofund’s second asset in Italy.
Ion Saralegui, CEO of Eurofund Group, said: “The acquisition of the Grotte Center marks a key step in our expansion strategy in Italy, a market that is proving to be particularly strategic for us.
“Our goal is to relaunch an asset with great potential, creating a focal point not only for the Marche region but for the entire Adriatic coast, capable of generating value for the community and the area.”
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