OMERS Infrastructure and a DWS-managed infrastructure fund have teamed up to buy Italian commercial and advertising leasing space firm Grandi Stazioni Retail from Antin Infrastructure Partners, ICAMAP and Borletti Group.
While specific financial terms have not been disclosed, industry sources place the acquisition value in the region of €1.3bn.
Grandi Stazioni Retail manages all commercial and advertising activities in Italy’s 14 primary railway stations and high-speed rail hubs. This includes managing over 800 retail units amounting to around 190,000sqm of space.
The acquistion marks OMERS Infrastructure’s first Italian investment and its 19th in Europe. The Ontario-based pension fund now owns 14 global transportation assets.
DWS has a track record in rail transportation and Italian infrastructure. The asset manager’s portfolio includes investments in Akiem, Streem, Corelink, Gruppo SAVE, Rimorchiatori Mediterranei and Ergéa.
Hamish Mackenzie, the global head of infrastructure at DWS, said: “This acquisition is a testament to our commitment to investing in high-quality infrastructure assets. Grandi Stazioni Retail offers a unique platform that aligns with our long-term vision for growth and providing essential services to the passengers and communities served by our portfolio companies, as well as a strong alignment with the key sustainability trend of reduction of transportation emissions, a theme supported by local and European policies.
“We are particularly impressed by the Grandi Stazioni Retail’s strategic direction and operational excellence of the management team, led by Alberto Baldan.”
Alastair Hall, the head of Europe at OMERS Infrastructure, said: “We’re delighted to acquire Grandi Stazioni Retail, which marks our entry into Italy and further expands OMERS’s presence in Europe.
“The investment presents us with an exciting opportunity to grow our exposure to the resilient and dynamic European rail sector.”
Michael Hill, EVP and global head of infrastructure OMERS said: “We are delighted to be partnering with DWS to acquire Grandi Stazioni Retail.
“The acquisition is highly consistent with the OMERS Infrastructure strategy and will be an excellent complement to our world-class portfolio of infrastructure investments.”
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