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.”