Tristan Capital Partners has signed a preliminary agreement to acquire a portfolio of four retail assets in its first major foray into the Italian property market, PropertyEU has learned.
Tristan Capital Partners has signed a preliminary agreement to acquire a portfolio of four retail assets in its first major foray into the Italian property market, PropertyEU has learned.
According to well-informed market sources, the European asset manager is buying the assets for €120 mln from listed retail developer-investor Altarea.
The deal - one of the largest retail acquisitions in Italy in the past 12 months - is expected to close shortly.
The French-focused shopping centre specialist owns six shopping centres in Italy as well as an ongoing development project in Genoa, Ponte Parodi, which is due for completion in 2017-2018.
London-based Tristan is believed to be acquiring two shopping centres in Piedmont, Le Due Valli (21,500 m2) in Pinerolo, which opened in 2008 and is anchored by an Ipercoop hypermarket; and La Cittadella (17,500 m2) in Casale Monferrato, which opened in 2007 and is anchored by an Ipercoop hypermarket.
In addition, the European investor is also acquiring the Casetta Mattei retail asset in the southeast of Rome and the Ibleo shopping centre (26,000 m2) in Ragusa, on the island of Sicily.
After closing of the sale, Altarea will own only two shopping centres in Italy, both located in the Lombardy region. They are Le Due Torri in Stezzano, near Milan (42,000 m2) as well as the 52,000 m2 La Corte Lombarda in Bellinzago, also near Milan.
All parties declined to comment on the deal.
PropertyEU reported last month that Tristan is launching a new €950 mln fund that will invest in value-add opportunities across Europe.
European Property Investors Special Opportunities 4 (Episo 4) will target net returns of 15% and invest across all sectors in Europe with the first close expected by the end of the second quarter.
With a maximum loan-to-value of 60%, the fund will have firepower of almost €2.4 bn.