Pan-European investor-developer agrees its first acquisition in Italy to relaunch a retail asset of circa 40,000m2 with €25 million of redevelopment and repositioning works planned.
Eurofund Group, the international investment and development company behind numerous successful commercial real estate projects in the UK and continental Europe, formally announces its entry into the Italian market with an agreement to acquire Parma Retail, located in Parma, Northern Italy. The centre has a GLA of circa 40,000 m2 and will be transformed into Italy’s first open-air, fully integrated retail and leisure promenade.
Following the company’s active expansion spanning the UK, Portugal and Spain, Eurofund Group’s first Italian project will replicate the company’s proven track record in the creation of Retail & Leisure “destinations” that combine retail, entertainment, leisure, Food & Beverage, together with outdoor sports activities. Examples include Puerto Venecia in, Zaragoza, UBBO in Lisbon and Silverburn in Glasgow.
Eurofund Group’s vision will complement the project’s existing retail offer by implementing a transformation strategy that will reposition the centre as one of the region’s leading Retail & Leisure experiential shopping environments. To achieve this, Eurofund Group, intends to invest € 25 million to transform Parma Retail into ‘Parma Promenade’ thus ensuring the long term operational success of the centre, with works to commence by the end of 2023. In addition to strong international, and national, tenants already present in the centre such as Kiabi, OVS, Decathlon, Euronics, Tedi, Pepco, Terranova, and Cisalfa, the transformation will attract flagship international fashion, Food & Beverage, and leisure brands to the project.
Just as importantly, the terrace of 4,000 m2 located on the first floor of the centre will host Eurofund Group’s ‘anti mall’ concept, The Hood. Initially launched at UBBO in 2019, it is a community focused neighbourhood concept gathering the best of street food, leisure, culture and art. Parma Promenade will also include a tailored food offering that will harness Parma’s recognised status as Italy’s ‘Food Valley’.
Ion Saralegui, Eurofund Group CEO, comments: “This is a significant milestone for Eurofund Group, especially as we are entering a mature retail market, where Eurofund Group’s experience and value proposition is best placed to create a unique retail and leisure destination that satisfies revolutionised consumers expectations. We are happy to have consolidated our knowledge and assets in other markets and we are now very excited to bring that expertise to the Italian market.”
With a city population of over 200,000 inhabitants, Parma is the second most populous city in the Emilia-Romagna region after Bologna, the region’s capital. Parma Retail is strategically well situated at just 5 km from the city centre of Parma, is accessible from the A1 Autostrada, and is located near one of only three Ikeas in the region.
With its launch in Italy, Eurofund Group is building a dedicated team to ensure the implementation and delivery of the group’s strategic vision and mission in this new market. In doing so, Eurofund Group will establish its position as a developer, and investor, by bringing a proven track record to individual projects thus ensuring long term operational success for partners, tenants, and consumers alike.
Ion Saralegui highlights that: “As part of this new project, Eurofund Group is looking to establish an Italy office in Milan, from which Stéphane Hepburn, Italy CEO, and Clemens de Meij, Financial Analyst, will oversee and coordinate the acquisition and transformation of this and future projects.”
Stéphane Hepburn, Italy CEO, adds: “We are delighted to be working on Parma Promenade as our first project in Italy. It is in one of the country’s most affluent cities and provides a distinctive offering, with little competition in the immediate catchment area. Transforming the existing structure means we can fulfil the strong potential of this centre and create a fully integrated retail and leisure promenade.”
To lease the project and ensure a diverse and innovative tenant mix for this new destination Eurofund Group is working with Svicom Agency, part of the Svicom Group. Svicom Group is a market leader in Italy for Commercial Real Estate Services and a pioneer in the digital transition of shopping centres and/or retail warehouse parks, with over 25 years of experience. It currently boasts a portfolio of 130 assets with a GLA of over 1,7 million square meters and 2,800 stores.
Contact details
Inés Palacio, Innesco
[email protected]
+44 7774 233120
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 an investment and development company operating in Spain, Portugal,
UK 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 recent acquisition of Silverburn, the benchmark shopping center in Glasgow, UK.
