VENICE, Italy—Blackstone Real Estate Partners Europe IV has acquired Palmanova Outlet Village, a 215,000 square foot outlet center located between Trieste and Venice, in Italy. The village opened in 2008 and hosts over 90 retailers, including Calvin Klein, Nike, Adidas, Guess and Tommy Hilfiger and generates approximately three million customer visits per year.
As a result of this acquisition, Blackstone now owns a portfolio of five upmarket factory outlet centres throughout Italy, located in Lombardy, Tuscany, the Venice region and Puglia. The platform, one of the largest in Italy, totals 1.6 million square feetwith approximately 650 shops, and welcomes 15 million visitors a year. Annual sales across the platform are close to $45 million (€400M). Blackstone was advised on the acquisition of Palmanova by Cushman & Wakefield.
“With the acquisition of Palmanova Outlet Village, we have strengthened our position as a leading owner of factory outlet in Italy,” said Paolo Bottelli, chairman of Multi Italy. This unique asset provides a compelling opportunity to further upgrade the retail offering for both our local customers and tourists.”
Multi also recently acquired Added Value Management Srl (“AVM”), an established Italian company specialising in the management of outlet centers. Founded in 2009, AVM was the external manager of Blackstone-owned outlet centers. Multi will rebrand its new subsidiary into Multi Outlet Management Italy. Under the leadership of Dario Pistone, former director of AVM, Multi Outlet Management Italy will become Multi's specialist factory outlet center team, focused on creating value across Blackstone's factory outlet portfolio in Italy.
Multi Outlet Management complements Multi's activities in Italy alongside the existing asset and mall management business under the leadership of Luca Maganuco.
Jaap Blokhuis, CEO of Multi Corporation, said: “We are delighted to add the team from AVM into the Multi family, further enhancing Multi's capabilities across the retail spectrum, and extending our reach into factory outlets. With 12 centers owned across Italy, generating close to € 960 million of retail sales and almost 45 million annual visits, our presence in Italy now spans the full complement of shopping centres, neighborhood retail centers, and factory outlets.”
Multi is a leading owner and manager of high-quality shopping centers across Europe and Turkey. As a well-capitalized, growth-oriented retail platform, Multi is focused on creating, managing and improving sustainable rental income.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
