Property management company Pradera announced it has acquired the Tuscia shopping centre in Viterbo, central Italy, on behalf of its Pradera European Retail fund II. The exact price of the transaction was not disclosed, but head of Italy at Pradera Roberto Limetti told PropertyEU that the 'transaction is valued sat more than EUR 55 mln.'
Property management company Pradera announced it has acquired the Tuscia shopping centre in Viterbo, central Italy, on behalf of its Pradera European Retail fund II. The exact price of the transaction was not disclosed, but head of Italy at Pradera Roberto Limetti told PropertyEU that the 'transaction is valued sat more than EUR 55 mln.'
The Tuscia mall has about 16,000 m2 of gross lettable area and features a gallery of 34 retail units anchored by a Coop hypermarket. The major tenants include the fashion retailers Bata, Cisalfa Sport, Piazza Italia Fashion and Geox.
'Pradera intends to improve the quality of the gallery area,' and it is looking for 'several international tenants', to strengthen Tuscia centre's offer. The mall has been acquired from Deutsche EuroShop (DES), Germany's only public company which invests solely in shopping centers in prime locations. Global consultant Jones Lang La Salle advised on this transaction.
Pradera European Retail Fund II was launched in September 2006 and targets out-of-town retail property with a focus on the South-European markets, such as Spain, Italy and Greece. The fund acquired other two shopping malls at the end of 2006, the San Rocco al Porto centre in Italy and La Marina shopping mall in Benidorm, southern Spain.
