Eurofund Group welcomes 2023 with entry into new markets, new openings, and record footfall numbers.

Entry to the Italian market
In November, Eurofund Group formally announced its entry into the Italian market with an agreement to acquire Parma Retail, located in Parma, Northern Italy. The retail destination has a GLA of circa 40,000 m2 and will be transformed into Italy’s first open-air, fully integrated retail and leisure promenade. The company’s vision will complement the project’s existing retail offering by implementing a transformation strategy to reposition the centre as one of the region’s leading retail and leisure experiential shopping environments. To achieve this, Eurofund Group intends to invest €25 million to transform and reposition Parma Retail into ‘Parma Promenade’ thus ensuring the long-term operational success of the centre, with works to commence by the end of 2023.

A landmark year for UBBO
Eurofund Group also saw strong performance in UBBO, Lisbon and ended the year on a high with the Shopping Resort’s annual footfall up more than 20% compared to 2019—welcoming 18.4 million visitors during 2022—a record in the centre’s history. Sales performance has been similarly impressive, with a 22% increase on previous years at UBBO. During 2021, UBBO also welcomed several brands to open their first stores in Portugal, including Motocard, Normal, and Pepco.

UBBO has also further cemented its role as a community hub, hosting events such as Portugal’s largest ball pit and a highly popular Christmas ice rink. In addition to a diversified retail mix and strong performance, the team at UBBO also won the GOLD category at ECSP SOLAL Marketing Awards 2022 for the campaign “The ungivable flowers” for International Women’s Day. And finally, UBBO has been chosen as the number 1 consumer’s choice centre in Lisbon for the 4th consecutive year.

Silverburn, Glasgow
Earlier in the year—in March—Eurofund Group and Henderson Park strategic partners completed the purchase of Silverburn shopping centre in Glasgow. The deal to acquire the 100,000 sqm flagship centre was an off-market transaction from Hammerson plc and Canada Pension Plan Investment Board for £140 million GBP. Eurofund Group is the operating partner in the JV and has also co-invested alongside Henderson Park.

Since completion, Eurofund Group diversified the centre’s retail mix with a focus on quality fashion and leisure offerings as part of the group´s strategy to build Silverburn into West Scotland’s premium shopping, dining and leisure destination. New openings during 2022 have included The White Company, Doner Shack, TAG Heuer, Heavenly Desserts, Decathlon, and an upgraded M&S food hall—with exciting plans for the year ahead.

Tribu: Eurofund Group’s first smart, co-living space
2022 also saw Eurofund Group expand into new business areas, as the new Tribu co-living project welcomed its first housemates. Located in Kingston, London, Tribu provides boutique apartment living for students and young professionals that expect more from where they live. In short, it’s so much more than a bed, it’s a new way to live. The Tribu Kingston flagship provides housemates with a carefully curated experience in 63 elegant and modern studio apartments under the co-living model, with a communal lounge, dining room and kitchen, rooftop, co-working space, cinema and a café. Tribu offers plug and play service that can be adapted to each member of the community’s wants and needs. Alongside an innovative, easy-to-use digital platform, the quality and design of the product, community, and services sets Tribu apart in terms of value to its housemates.

Team Appointments and promotions
Throughout this year of growth, Eurofund Group has also bolstered its industry-leading team with new appointments and internal promotions. In April, Alex Coffey joined Eurofund Group’s leadership team as the new Commercial Director for the UK. Over in Portugal, Allison Newton was appointed CEO of THE HOOD—the culture-oriented anti-mall retail concept.

In the final quarter of 2022, Eurofund Group further strengthened its corporate structure with the promotion of internal talent to lead Iberia Retail and investment analysis across the group. Andreas Gillen became CEO of Retail Iberia and María Hormaeche, was appointed the new Group Investments and Analysis director. Ion Saralegui, Eurofund Group’s CEO, is now focused on directing the Eurofund Group’s operations across markets and in their four divisions: Retail, Living and The Hood. Meanwhile the ELCP team has also grown, with the appointment of Diego González Hernando, as Director of Land Acquisition for Spain and Portugal.

Looking ahead to 2023
Throughout this landmark year, Eurofund Group has continued to grow as a long-term partner and a respected leader in owning, creating and managing leading retail and living destinations in Spain, Portugal, the UK and Italy. The year ahead holds exciting announcements across the portfolio, both in terms of further expansion and diversification—and the continued strengthening of existing assets.

Ian Sandford, Executive Chairman, Eurofund Group, commented, “2022 has been an incredible year for Eurofund Group and as the business continues to grow into new sectors and geographies, I am very excited to be able to share what 2023 holds. A huge congratulations to the whole team for all their hard work—and I look forward to continued progress and growth in the year ahead.”