In August 2016, Savills IM launched the fund known as Mercury, with an initial portfolio of properties worth €300m. Investors in the fund include three consortia of Italian supermarket chain Conad and Italian insurer Gruppo Cattolica Assicurazioni.
Cattolica holds the majority of its equity capital with the remaining stake is held by Conad Adriatico, Conad Centro Nord and Conad Tirreno.
Savills IM said today that Conad CentroNord has increased its portfolio in the fund by adding €33m of properties, while Conad Tirreno has transferred €20m and committed to transferring a further €130m of its new development pipeline over the next two years.
Pierluigi Solitario, a director of business development of Savills IM Italy, said: “The rationale of our Mercury platform is to provide investors with a stable and predictable cashflow and supply Conad with an alternative and steady source of capital to boost its ambitious development plans.
“We are proud of the success that Mercury has delivered since its launch, and these new commitments are recognition of its achievements.”