Pan-European real estate group Neinver has completed the acquisition of the second and final phase of Castel Guelfo Outlet centre in the Italian province of Bologna for EUR 41.7 mln on behalf of the Irus European retail property fund.
Pan-European real estate group Neinver has completed the acquisition of the second and final phase of Castel Guelfo Outlet centre in the Italian province of Bologna for EUR 41.7 mln on behalf of the Irus European retail property fund.
Neinver reached agreement with ING Real Estate Development in June 2008 to buy phase one of the retail scheme for EUR 53 mln, with an option to acquire phase two.
The second phase covers an area of 12,000 m2 of gross leasable area (GLA) and includes about 50 retail outlets, 85% of which have already been leased. The whole scheme comprises 24,000 m2 of GLA with 100 units of retail space.
After one year of the initial acquisition, the phase I has achieved 98% occupancy with footfall figures well above 25% year-on-year, according to Neinver.
Irus European Retail Property Fund was launched by Spain-based Neinver in 2007 and is one of the largest private capital retail property funds at pan-European level with EUR 480 mln of equity commitments.
