Blackstone has strengthened its position in the Italian retail outlet sector by acquiring a 22,000 m2 asset in the northeast of the country and taking over a specialist management team.
Blackstone has strengthened its position in the Italian retail outlet sector by acquiring a 22,000 m2 asset in the northeast of the country and taking over a specialist management team.
Palmanova Outlet Village, located between Trieste and Venice, was acquired Blackstone Real Estate Partners Europe IV from a consortium of investors for about €80 mln.
CBRE Italy advised the vendor.
The village opened in 2008 and features over 90 retailers, including Calvin Klein, Nike, Adidas, Guess and Tommy Hilfiger, which attract about three million customers annually. Blackstone was advised in the acquisition of Palmanova by Cushman & Wakefield.
Marco Montosi of Cushman & Wakefield said: 'This acquisition of an established and performing factory outlet once again highlights Blackstone’s commitment to the Italian market and further strengthens its position as a major retail specialist investor.'
Blackstone now owns a portfolio of five upmarket factory outlet centres in Lombardy, Tuscany, the Venice region and Puglia. The platform, one of the largest in Italy, totals 150,000 m2 with 650 shops, and 15 million visitors a year. Annual sales across the platform are close to €400 mln.
Paolo Bottelli, chairman of Multi Italy: 'With the acquisition of Palmanova Outlet Village, we have strengthened our position as a leading owner of factory outlet centres in Italy. This unique asset provides a compelling opportunity to further upgrade the retail offering for both our local customers and tourists.'
Multi's new manager
In support of the growth in the portfolio, Multi, Blackstone's European retail property platform, has taken over Added Value Management (AVM), an Italian company specialising in the management of outlet centres. Founded in 2009, AVM was the external manager of Blackstone-owned outlet centres.
Multi will rebrand its new subsidiary as Multi Outlet Management Italy. Under the leadership of Dario Pistone, former director of AVM, Multi Outlet Management Italy will become Multi’s specialist factory outlet centre team, alongside Multi's existing Italian asset and mall management business under the leadership of Luca Maganuco.