EXCLUSIVE Kildare in exclusivity on €300m Italian K2 retail property fund

Europe-focused private equity real estate firm Kildare Partners is believed to be in advanced negotiations to acquire the K2 closed-end property fund, the owner of a number of retail galleries across Italy, PropertyEU has learned.

Launched in 2008, K2 is managed by BNP Paribas Real Estate Investment Management Sgr and largely owned by French listed property group Klépierre, with other investors including the Italian family-owned retail specialist Finim group.

The vehicle owns a portfolio of secondary shopping malls including the 27,400 m2 80-units Metropoli in Novate Milanese, built in 1999, the 36,000 m2 56-units Acquario Center in Vignate, the 11,100 m2 Settimo in Settimo Milanese with 31 units, and Le Rondinelle in Roncadelle, near Brescia, built in 1996.

The deal, which is being negotiated off market, would mark the second acquisition in Italy by Kildare Partners following the purchase last year of the 13-property strong value-add Invest real security fund from Investire Sgr.

The transaction is expected to be signed over the next month, according to well-informed market sources.

BNP Paribas REIM Sgr declined to comment. Kildare Partners did not respond to an email request for comment.

Paris-based Klépierre has long been trying to sell the K2 properties, which were first marketed among core investors in 2015 and subsequently withdrawn after initial offers fell short of expectations. A year later the listed retail specialist tried to market the assets to opportunistic players through Morgan Stanley with an asking price of around €300 mln.


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