The retailer will take a prominent unit at the scheme, which will benefit from a wider €35 million programme of capex investment
Once works are complete, the centre will become Parma Promenade, Italy’s first open-air, fully integrated retail and leisure promenade
Parma, 2nd May 2024 – Eurofund Group has officially announced that international fashion retailer, Primark, will take an approx. 3,400 sq metre unit at Parma Retail, located in Parma, Northern Italy.
As the new anchor tenant for the scheme, the retailer will occupy a prominent unit, fitting in seamlessly with the existing tenant mix and other national and international retailers set to be announced in the coming weeks.
The leading pan-European real estate investment and development company has also revealed it will undertake a €35 million programme of capex investment, to transform the retail destination, which has GLA of circa 40,000 m2, into Parma Promenade, Italy’s first open-air, fully integrated retail and leisure promenade.
As part of the plans, and in agreement with the local authority, Eurofund Group will dedicate €1.5 million to investing in the public realm and surrounding infrastructure. The current access road will undergo enhancements and there will be further improvements to wayfinding, signage, and landscaping. The planned works are set to commence in November of 2024.
Ion Saralegui, Eurofund Group CEO, comments: “We are delighted to welcome such a globally recognised brand to Parma Retail. We have a track record of repositioning retail destinations across Europe and look forward to seeing our plans for Parma Promenade take shape.
“Our commitment to revitalising the public space aligns with our wider vision for creating not just a retail destination, but a vibrant community hub.”
Stephane Hepburn, CEO Italy Retail, added: “The quality and strategic location of Palma Retail have helped us to secure a number of market leading retailers as anchor tenants, setting the standard for the wider scheme’s brand mix.
“This success reflects our commitment to delivering a dynamic, thriving environment and, with more exciting developments in the pipeline, we’re excited to see the centre become a prominent destination at the heart of the community it serves.”
Javi Martin, Leasing Director, Eurofund continued: “Primark is a great brand and fits perfectly with the overall vision for the centre. Our proactive leasing strategy is starting to take shape and we look forward to making more announcements soon.”
Luca Ciuffreda, Head of Primark Italy, said: “We are delighted to have signed the lease for our second store in Emilia Romagna region, within the ‘Parma Retail’ shopping centre. We know that Primark is already a much-loved brand in the region, and we are pleased that we will be reaching even more customers with this new store.
This store is part of our wider expansion plans in Italy, where we will soon grow to have 21 stores. At Primark, we are proud to offer something for everyone and we know that our new customers will love our incredible fashion and essentials at affordable prices.”
Eurofund Group is an asset management, investment and development company operating in Spain, Portugal, the UK, Italy, and Germany. It is a European leader in the development, implementation and management of unique retail destinations that delight communities and visitors.
ENDS
Contact details
Kate Bullock, Innesco [email protected]
+44 7875 598040
Dan Innes, Innesco [email protected] +44 7973 387 545
Sara Pradas, Eurofund Group [email protected] +34 648 17 99 67
About Eurofund Group
Eurofund Group is a real estate investment, manager and development company operating in Spain, Portugal, UK, Germany and Italy. The group includes Eurofund Retail, a Living division that already operates as Tribu, (a co-living space in London) and they are soon planning to invest in Senior Living projects, and The Hood, an innovative anti-mall concept that combines street food, leisure, and cultural activities already operating in Lisbon. Some of the company’s most notable projects include Puerto Venecia Zaragoza, voted the best shopping center in the world at MAPIC 2013; the acquisition of UBBO (formerly Dolce Vita Tejo) in Lisbon, where Eurofund Group has transformed it into the first Shopping Resort in Portugal; and the acquisition of Silverburn, the benchmark shopping center in Glasgow, UK. In 2022, Eurofund Group entered Italy with the agreement to acquire Parma Retail, and transform it to Parma Promenade. In July 2023, Eurofund Group continued its geographical expansion with the acquisition of Rhein Ruhr Zentrum in Mulheim, Germany, through a strategic partners with Signal Capital Partners.
For more information about Eurofund Group, please visit: www.eurofundgroup.com
About Primark
Primark is an international fashion retailer employing more than 80,000 colleagues across 16 countries in Europe and the US. Founded in Ireland in 1969 under the Penneys brand, Primark aims to provide affordable choices for everyone, from great quality everyday essentials to stand-out style across women’s, men’s and kids, as well as beauty, homeware and accessories. With a focus on creating great retail experiences, Primark has over 400 stores globally and continues to expand across new and existing markets with the aim of reaching 530 stores by the end of 2026, including the upcoming new market of Hungary.
Primark is working to make more sustainable fashion affordable for everyone through its Primark Cares strategy, a multi-year programme that focuses on giving clothing a longer life; protecting life on the planet and supporting the livelihoods of the people who make Primark clothes. As part of this, Primark unveiled nine commitments it is working to achieve by 2030. These commitments include making all of its clothes from recycled or more sustainably sourced materials by 2030, halving carbon emissions across its value chain,and pursuing a living wage for workers in its supply chain. More information can be found here: Primark Cares (IT) | homepage
