Olinda Fondo Shops, a property investment fund managed by Pirelli RE, has completed its first transaction with the acquisition of a multiplex in Pioltello, near Milan, for a total investment of EUR 13.4 mln.
Olinda Fondo Shops, a property investment fund managed by Pirelli RE, has completed its first transaction with the acquisition of a multiplex in Pioltello, near Milan, for a total investment of EUR 13.4 mln.
The building, located at 33, San Francesco street, is completely leased to UCI Cinemas with a 15-year contract for EUR 1.2 mln per annum, Italian newspaper IlSole24Ore has reported.The multiplex has 14 screens with a total of 3,000 seats, as well as four restaurants on the ground floor. Olinda Fondo Shops said the transaction is part of its fund management strategy which includes identifying investment opportunities in properties for retail & entertainment use.
UCI Cinemas, a major operator in the management of multiplexes around Europe, has recently replaced EuroPlex Cinemas in Pioltello as well as in the Bicocca Village in Milan, another property of the Olinda Shops Fund. The 18-screen Bicocca Village is one of the largest multiplexes in Italy and the first one built in the city of Milan.
