Sierra Fund, a pan-European retail fund controlled by Sonae Sierra, has sold the Valecenter shopping centre in Venice and the Airone shopping centre in Padua to Blackstone Real Estate Partners IV and Blackstone Real Estate Partners VII.
Sierra Fund, a pan-European retail fund controlled by Sonae Sierra, has sold the Valecenter shopping centre in Venice and the Airone shopping centre in Padua to Blackstone Real Estate Partners IV and Blackstone Real Estate Partners VII.
The transaction price came to a total of €144.5 mln, in line with the latest independent valuation of the properties.
'We continue to look actively for opportunities to grow our businesses in Italy, a key country for us and where we maintain a solid presence, owning three shopping centres and delivering services to third parties for three other projects in country,' said Sonae Sierra CEO Fernando Guedes de Oliveira.
PropertyEU first reported in June that Sonae was looking for a buyer for the two Italian malls.
Valecenter was inaugurated in 1993 and acquired by Sierra Fund in 2005. The scheme has a gross leasable area of nearly 60,000 m2 and about 2,600 parking spaces.
The 16,000 m2 Airone mall was inaugurated in 1997 and acquired by Sierra Fund in 2005.
