Orion Capital Managers has acquired Gran Sasso shopping centre in the Abruzzo region of Italy from European shopping centre developer Foruminvest.
Orion was acting on behalf of its pan-European fund, European Real Estate IV. The investment volume was not disclosed.
Gran Sasso is located in the city of Teramo, 175 kilometres from the Adriatic coast and northeast of Rome.
The shopping centre was developed by Foruminvest Italia and Foruminvest remained full owner when it opened in November 2007.
Gran Sasso consists of 30,000 m2 gross leasing area (GLA) retail space and is fully let. Tenants include a Conad hypermarket, H&M, Media Markt, Bershka, Pull & Bear, Terranova and United Colors of Benetton. There are also 1,850 parking spaces.
The centre attracted 3.5 million visitors in 2016, up 8% on the 2014 level. The turnover of the centre has increased by 17% since 2014, which is a positive trend after the economic standstill.
Foruminvest will continue to manage the mall for Orion.
Orion was advised on the deal by Dentons and Studio Bellavite Pellegrini, while Jones Day advised Foruminvest.
