The acquisition of the Gran Shopping Mongolfiera in Molfetta, Italy, is one of the final deals for CBRE Global Investors’ second shopping centre fund.
CBRE European Shopping Centre Fund II (ESCF II) has bought the company, which owns the shopping centre, from Orion Income Return Partners and HB Capital, for an undisclosed sum.
Toby Smith, the portfolio manager for ESCF II said the latest acquisition is one of the final acquisitions for the fund, which is expected to have 12 assets under management in total, with a total fund gross asset value of €1.3bn when fully invested.
In December 2016, IPE Real Assets reported that CBRE GI had raised €753m for its second shopping centre fund.
“The fund concentrates on buying assets that are dominant within their catchment area and provide an attractive combination of stable income streams and growth potential; Mongolfiera is an excellent example of this,” Smith said.
The shopping centre is located in Molfetta, north of the town of Bari and has a catchment area of over 250,000 inhabitants.
Opened in 2008, the asset, which comprises around 35,000sqm of space is fully let. CBER GI said a mall and hypermarket is not part of the transaction.
Alberico Radice Fossati, the head of CBRE GI’s transactions in Italy, said: “Gran Shopping Mongolfiera Molfetta is a leading shopping destination with high and stable occupancy rates driven by strong tenant demand. We are very pleased to have been able to secure this acquisition for ESCF II.”