Independent asset manager Kryalos Sgr has finalised the acquisition of Forum Palermo, a major shopping centre in Sicily, Italy.
The acquisition was made through Kryalos' newly established Sun fund, which is primarily backed by funds managed by Hayfin Capital Management. Multi Investment co-invested in the deal, which is said to amount to around €200 mln.
This marks the first investment for the Sun fund, which was specifically created to capitalise on opportunities in the retail sector.
Forum Palermo, spanning approximately 50,000 m2, is strategically located near Palermo's city centre. The complex encompasses a shopping centre, a multiplex cinema, and an additional commercial building known as Baglio Villa.
The centre, primarily located on the ground floor, hosts 139 fully leased commercial units, including prominent international brands like those of the Inditex Group and H&M. It also offers a spacious outdoor parking area with photovoltaic canopies.
Paolo Bottelli, CEO of Kryalos Sgr, commented: ‘We are happy to return to actively investing in retail thanks to this operation completed through the Sun fund. 2024 was a particularly positive year for this asset class, also thanks to the levels of returns and the solid fundamentals of the sector, demonstrating the confidence of the markets in this area and the growing interest of operators also towards cities considered secondary but characterized by intense non-seasonal tourist flows.’
Multi, a specialised operator with extensive experience in the outlet/shopping centre sector, will continue to manage the property.
