Partners Group closes €200m+ retail portfolio buy in Italy

Swiss asset manager Partners Group has confirmed to PropertyEU that it has closed the purchase of a portfolio of six shopping centres across Italy from US asset management giant Blackstone.

PropertyEU reported back in January that Blackstone was in exclusivity to sell the €200+ mln portfolio which includes assets acquired in recent years from AXA Immoselect, Aberdeen’s Degi International, Sonae Sierra and Général Electric. Lazard managed the sale process.

The portfolio is believed to include the 19,000 m2 Parco Belvedere shopping centre in the Sicilian city of Siracusa and Le Colonne mall in Brindisi, also in Southern Italy, Il Borgogioioso shopping centre offering 11,000 m2 of retail space in Carpi, central Italy, the 16,000 m2 Airone near Padua, to the North-east of the country, as well as two malls in the Lazio region, the 16,000 m2 La Scaglia in Civitavecchia and the 12,000 m2 Primavera mall in Rome.

In addition to the shopping center package, Blackstone also owns a retail outlet portfolio in Italy. The package includes five outlet villages in Franciacorta, Mantova, Palmanova, Molfetta and Valdichiana for a total of 150,000 m2.

Partners Group has long been active in Italy. In 2015 the Swiss-based asset manager bought two prime Milan office properties at Via Monte Rosa and Viale Sarca for €233 mln.

It also teamed up with US private equity firm TPG Capital to buy two shopping centres in Bologna and Cosenza in Italy that were part of TH Real Estate's larger 233,500 m2 Crown portfolio.


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