The 142,500-sf Navile park is only the second purpose-built retail park in Italy and has an unrestricted retail planning consent. It is located off the Bologna Ring Road north west of the city centre. Italian developers Galotti and CoopSette are now close to completing construction of 14 retail units adjacent to an anchor store for Castorama, which has just opened. The retail park is already 95% let, and tenants include Expert electricals, Stephane department store and Inverso fashion.

Pillar has also confirmed that it is buying a 50% stake in the Sintra retail park in Portugal. The 182,800-sf park lies north west of Lisbon city centre adjacent to the IC19 motorway. It opened to the public in November 2000 and has tenants including Mestre Maco, Radio Popular, Divani & Divani and McDonalds, as well as 650 car parking spaces. The Sintra park was built by Miller Developments in a joint venture with Sonae Imobiliaria, and Pillar will buy out Miller's stake subject to the satisfactory refinancing of the JV.

Humphrey Price, group finance director of Pillar says: "We are delighted to have secured another two prime retail parks in continentalEurope, following our first acquisition at Nassica, near Madrid, earlier in the year. Europe has significant opportunities and is a largely untapped market which is fast evolving in retail terms. We continue to investigate further acquisition targets in Spain, Italy, France and other countries across Europe."