Spanish property company Neinver has acquired the Castel Guelfo Outlet City in the northern Italian city of Bologna for its Irus European Retail Property Fund, an investment vehicle targeting retail outlets across Europe. Castel Guelfo, which was developed by ING Development, comprises 13,000 m[sup]2[/sup] of retail area with more than 50 shops. The builder is carrying out the second phase of development to expand the complex to 25,000 m[sup]2[/sup] and double the number of stores. The fund, which has acquired the first phase of the project, is spending EUR 53mln in a deal including a purchase option for the second phase. The sellers are ING Real Estate, AXA Asgard Fund and Pantheon.
Spanish property company Neinver has acquired the Castel Guelfo Outlet City in the northern Italian city of Bologna for its Irus European Retail Property Fund, an investment vehicle targeting retail outlets across Europe. Castel Guelfo, which was developed by ING Development, comprises 13,000 m2 of retail area with more than 50 shops. The builder is carrying out the second phase of development to expand the complex to 25,000 m2 and double the number of stores. The fund, which has acquired the first phase of the project, is spending EUR 53mln in a deal including a purchase option for the second phase. The sellers are ING Real Estate, AXA Asgard Fund and Pantheon.
The fund is forecast to hold total asset of 172,000 m2 of retail gross lettable area by the end of 2008 and targets total investment of EUR 1.4bn over the next three years.
Neinver also said that it has recently incorporated in the fund the Factory Madrid San Sebastián de los Reyes located in the Spanish capital. This 23,800 m2 centre, which was developed by Neinver, was commited to the Irus investment vehicle at the fund launch two years ago.
