SES Spar European Shopping Centers is consolidating its position in the Northern Italian market.
With the purchase of Il Grifone in Bassano del Grappa, located in the highly affluent region of Vicenza, the real estate developer and operator said it was taking over a well-established location with immediate effect.
The seller of the property is a fund of MCAP Global Finance (UK) LLP, the European branch of Marathon Asset Management headquartered in New York. CBRE will be replaced as asset manager.
The centre, which opened its doors in 2009, boasts over 20,000 m2 of gross leasable area (GLA), 7,000 of which already belonged to the SPAR Group (ASPIAG Italy) prior to the takeover. This latest addition takes the SES portfolio to 31 locations, three of which are already classed as large-scale Italian shopping malls.
Marcus Wild, SPAR Real Estate Board Member and SES Board chairperson, said: Il Grifone is a prime location with considerable scope for development in an affluent region. As proprietor, SES has just what it takes to make this mall reach its full potential and network more closely with the city and surrounding area – a major opportunity for all concerned.'
Christoph Andexlinger, CEO, SES Spar European Shopping Centers, added: 'We are doing all we can alongside the local team to project this prime location into the future. We obviously want to further develop the experience-oriented dimension and enhance the quality of stay in the mid-term.'
SES was avised by Cerha Hempel and Gattai Minoli & Partners. On the seller side, BNP Paribas acted as broker and Legance as lawyers. CBRE was previously entrusted with property and center management.
From September onwards, the new proprietor is SES Spar European Shopping Centers GmbH with SES Italy responsible for managing the venue.
The asset has 47 shops in all, including flagship tenants such as INTERSPAR, Media World, H&M, Cisalfa, Pittarosso, and a stand-alone
McDonalds attracting considerable on-site attention. The Vicenza/Veneto region is deemed affluent with approximately 300,000 people living within a 30-minute drive of Bassano del Grappa