The Italian arm of Dutch real estate group Foruminvest has completed the divestment of the Mongolfiera Molfetta shopping centre near Bari in southern Italy.
The Italian arm of Dutch real estate group Foruminvest has completed the divestment of the Mongolfiera Molfetta shopping centre near Bari in southern Italy.
The company announced on Tuesday that a 50% share in the centre had been sold to a private investor.
The other 50% was acquired by Orion Income Return Partners, a pan-European core fund sponsored by Orion Capital Managers in 2011.
The shopping centre was sold at a price of around €135 mln, Foruminvest said.
The shopping centre developed by Foruminvest Italia opened in March 2008. The centre consists of 35,000 m2 GLA and 2,750 parking spaces. In 2012, Mongolfiera Molfetta had 5,500,000 visitors. Sales turnover at the centre has been increasing by 13% annually since opening, performing positively through any economic slowdown.
Foruminvest Italia will continue to manage the shopping centre for the joint venture.
The private investor was advised by Osborne Clarke, Bonelli Erede Pappalardo, Accuracy, Pirola Pennuto Zei & Associati, while Jones Day and Studio Bellavite Pellegrini advised Foruminvest Italia.
