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A fund advised by European investment adviser Tristan Capital Partners has acquired Le Centurie shopping centre near Padua in North East Italy, for €29 mln.

The purchase price reflects a net initial yield of 7.6%.

The 11,161 m2 shopping centre located in San Giorgio della Pertiche, 17 kms northeast of Padua, has been acquired by European Property Investors Special Opportunities 3 fund. The shopping centre adjoins an Iper Rossetto hypermarket, which is not included in the transaction.

'While Le Centurie opened in 2012 and is fully occupied, we see lots of ways of enhancing value through targeted initiatives,' said Sameer Godbole, executive director Investments at Tristan Capital Partners.

The single-storey property is divided into 40 units occupied by retailers that include Euronics, Eurobrico, Piazza Italia and Rizzato Calzature. The shopping centre also provides parking for 1,000 vehicles.
Pradera has been appointed as the asset manager.

Tristan Capital Partners was advised by Jones Day, Studio Pirola and Accuracy. The vendor was advised by Studio Corgnati and the lawyer Alberto Gusso.

Cushman & Wakefield managed the sale process on behalf of the vendor.

Tristan Capital Partners is looking for further acquisitions in Italy following its first major foray in the country earlier this year with the €122 mln purchase of a portfolio of four retail assets.

‘We are currently looking at two other shopping centres in Italy,’ Cameron Spry, head of investments at Tristan Capital Partners, recently told PropertyEU. 'We believe the country is one of the main beneficiaries of the current stimulus programme which basically involves low interest rates, low euro, low energy. On top of that we believe the ongoing restructuring and political reforms will have a positive impact on the market.'

A number of REITs are also due to launch in the country in the coming months after the government eased regulations on the tax-efficient investment structures at the end of last year. ‘This should contribute in making the market more dynamic and should also have a positive impact on prices in the future,’ added Spry.