Herald completes letting of Serravalle Retail Park

The EUR 930 mln Henderson European Retail Property Fund (Herald) has completed the second and final letting phase of Serravalle Retail Park (Alessandria), in Italy.

Giò Mangia, the Italian food chain, has signed a lease contract for a GLA of around 600 m². This completes the letting of Phase B which includes seven commercial units with a total GLA of around 11,430 m². Leading tenants include Mondo Convenienza, Jysk (home furniture), Self (DIY) and Maisons Du Monde (home decoration).

Phase A, which was completed in September 2009, already includes high-quality brands such as Decathlon, Kiabi, Pittarello, Unieuro, Toys Center, Thun and Sasch, with a GLA of around 16,250 m² split between 12 commercial units.

The Serravalle Retail Park, which covers around 27,650 m² is less than an hour away from Turin and Milan. It is situated opposite to the Serravalle Designer Outlet centre, also owned by Henderson Global Investors, for its European Outlet Mall fund (EOMF).

Serravalle Designer Outlet is Italy’s first and largest purpose built designer outlet centre, comprising 38,000 m² of lettable area. Key tenants include Bulgari, D&G, Etro, Ferrari, Prada, and Versace. Like the Serravalle Retail Park, it continues to perform well. Turnover for the year to date is already up 10% on last year.

Henderson was advised by Jones Lang LaSalle and Coimpredil for the lettings.