Italian private real estate developer Unieco has divested the Fidenza shopping park near Parma, Northern Italy, to fund manager Cordea Savills' Radegonda closed-end investment fund for institutional investors. The transaction - the first acquisition for the newly-launched Radegonda fund - amounts to around EUR 40 mln.
Italian private real estate developer Unieco has divested the Fidenza shopping park near Parma, Northern Italy, to fund manager Cordea Savills' Radegonda closed-end investment fund for institutional investors. The transaction - the first acquisition for the newly-launched Radegonda fund - amounts to around EUR 40 mln.
'This acquisition demonstrates the capacity of Cordea Savills to draw international capital to the Italian market in a particularly difficult moment for the sector,' said John Partridge, CEO of Cordea Savills SGR and executive chairman of Cordea Savills Group. 'This renewed interest on the part of foreign institutional investors is promising for the relaunch of the Italian real estate fund sector in the coming years.'
Completed in 2008, the asset consists of 21 retail units on 26,000 m2 of retail accommodation. It is located adjacent to the Fidenza Outlet Village and offers further development opportunities. Main tenants are H&M, Decathlon, Pittarello, Prenatal, Comet, Maisons du Monde, Casa, OBI, and Dondi Salotti
Cordea Savills is an international real estate fund management group with offices in London, Milan, Munich, Stockholm, Luxembourg, Paris and Singapore. The company manages EUR 3.4 bn of assets globally, with Italy accounting for around EUR 780 mln of assets.
JLL and law firm Jones Day advised the vendor. Pavia e Ansaldo acted for Cordea Savills on legal matters.
