Pradera and New End have announced the acquisition of two shopping centre assets in Italy alongside an unnamed institutional investor.
The Il Ducale in Vigevano and Costaverde in Montenero di Bisaccia was sold to an institutional investor with Pradera acting as an investment and asset manager and New End as a co-investor and advisor to Pradera.
The shopping centres were acquired from a Chronos fund.
Roberto Limetti, managing director at Pradera, said: 鈥淭hese particular assets have proven their natural resilience to market fluctuations over the past two years due to a mix of factors, including convenience aspect, need-based consumer visits, and dominant competitive position.
鈥淲e are thrilled to have completed this first acquisition with New End
for our investor and look forward to sourcing new opportunities in the convenience-led retail real estate market together with our partners.鈥�
Simone Tedeschi, managing director at New End, said: 鈥淲e are delighted to
announce our first two acquisitions in this asset class and are looking forward to working with Pradera and our co-investor on these exciting assets where we see a substantial value creation opportunity.鈥�
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