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Pillar Adds Two More European Retail Parks

LONDON-Pillar Property has bought two more retail parks in mainland Europe bringing its European portfolio to three sites. These will form the core of a planned Euro 500 million ($600 million) European retail proeprty fund.

By Graham Parker | Updated on October 15, 2003

LONDON-Pillar Property has spent €59 million ($68 million) on two more retail parks in mainland Europe. The Navile Retail Park, near Bologna in Italy is to be acquired for €44 million ($51 million) and a 50% stake in the Sintra Retail Park, Lisbon in Portugal for €15 million ($17 million). The deals are part of Pillar’s drive to create a €500 million ($600 million) European retail property fund to be called the Pillar Retail Europark Fund or PREF.

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.

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