Signal Capital and Eurofund Group complete acquisition of Parma Retail

Signal Capital and Eurofund Group complete acquisition of Parma Retail

Signal Capital Partners, a multi-euro-billion UK-based private asset management firm focusing on European corporate and real estate special situations investments, along with Eurofund Group, The Pan-European real estate investment and development group behind numerous successful projects in continental Europe, has completed the purchase of Parma Retail, located in Parma, Northern Italy.

The company has revealed a €35 million programme of capex investment to transform the retail destination, which has GLA of circa 40,000 m2, into Parma Promenade, Italy’s first open-air, fully integrated retail and leisure promenade and one of the largest retail redevelopment projects in Italy after Covid.

Scheduled for delivery in 2025, the transformation will be the most significant repositioning of a retail and leisure asset within this region.

Primark was recently announced as an anchor tenant for the scheme, and the programme of works, set to commence in November 2024, will include the demolition of part of the first floor to create 13 paddle courts and an extension of the retail area on the ground floor.

As part of the plans, and in agreement with the local authority, Eurofund Group have also committed €1.5 million to investing in the public realm and surrounding infrastructure.

The current access road will undergo enhancements and there will be further improvements to wayfinding, signage, and landscaping, ensuring centre works seamlessly for the community it serves.

Strategically located, Parma Retail is perfectly positioned to take advantage connectivity from the A1 Autostrada as well as an extensive catchment area, including the city of Parma, which has a population of 200,000.

Gareth Richardson for Signal Capital Partners added: “The acquisition of Parma retail is just another example of our ability to capitalise on difficult and complex situations, unlocking value on day one. It’s a great project that we have been working on for some time and we are pleased to finally get it across the line with our partner, Eurofund Group.

They have a proven track record, having successfully repositioned prominent centres throughout Europe and they are the perfect partner for this investment.

Ion Saralegui, Eurofund Group CEO, comments: “We’re delighted to have completed this deal, which marks our entrance into the Italian market.

Parma Retail, soon to be Parma Promenade, is perfectly positioned, with access to one of the country’s most affluent cities and with little competition in the immediate catchment area.

We have the perfect base, and along with an injection of capital, Parma Retail will become one of the region’s leading retail and leisure destinations, offering best-in-class retail, leisure and food and beverage”

“We are honoured to have been chosen by Signal Capital Partners and the Eurofund Group and as leasing advisor of this important project, which marks their entry into the Italian market”, comments Corrado Di Paolo, General Manager of Svicom Agency, subsidiary of the Svicom Group Benefit Corporation.

“To bring the asset repositioning process to a full conclusion, transforming Parma Retail into Parma Promenade, we have been working for some time alongside the Eurofund team to implement a leasing strategy that secures a merchandising mix perfectly in line with the new concept, focusing on retail and leisure offer, and on the large open-air spaces dedicated to fun and relax, which distinguish the entire Parma Promenade project”.

 

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Signal Capital and Eurofund Group complete acquisition of Parma Retail