Blackstone and Multi Acquire Palmanova Outlet Village and AVM in Italy
June 17 2015 - 11:24AM
Business Wire
Multi announces the acquisition by Blackstone Real Estate
Partners Europe IV of Palmanova Outlet Village, a 22,000 m2
high-quality outlet centre located between Trieste and Venice. 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 Italy1, located
in Lombardy, Tuscany, the Venice region and Puglia. The platform,
one of the largest in Italy, totals 150,000 m2 with approximately
650 shops, and welcomes 15 million visitors a year. Annual sales
across the platform are close to € 400 million. Blackstone was
advised on the acquisition of Palmanova by Cushman &
Wakefield.
Paolo Bottelli, Chairman of Multi Italy: “With the acquisition
of Palmanova Outlet Village, we have strengthened our position as a
leading owner of factory outlet centres in Italy. This unique asset
provides a compelling opportunity to further upgrade the retail
offering for both our local customers and tourists.”
Acquisition of AVM in Italy
Multi also announces the acquisition of Added Value Management
Srl (“AVM”), an established Italian company specialising in the
management of outlet centres. Founded in 2009, AVM was the external
manager of Blackstone owned outlet centres. Multi will rebrand its
new subsidiary into Multi Outlet Management Italy. Under the
leadership of Mr Dario Pistone, former director of AVM, Multi
Outlet Management Italy will become Multi’s specialist factory
outlet centre 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 Mr 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 centres 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, neighbourhood retail centres,
and factory outlets.”
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has more
than $ 93 billion in investor capital under management.
Blackstone’s real estate portfolio includes hotel, office, retail,
industrial and residential properties in the US, Europe, Asia and
Latin America. Major holdings include Hilton Worldwide, Invitation
Homes (single family homes), Logicor (pan-European logistics), SCP
(Chinese shopping centres), and prime office buildings in the
world’s major cities. Blackstone real estate also operates one of
the leading real estate finance platforms, including management of
the publicly traded Blackstone Mortgage Trust (NYSE:BXMT).
About Multi
Multi is a leading owner and manager of high-quality shopping
centres across Europe and Turkey. As a well-capitalised,
growth-oriented retail platform, Multi is focused on creating,
managing and improving sustainable rental income. Multi’s projects
are often the catalyst for economic growth and social regeneration
of cities and regions. Since its foundation in 1982, Multi has been
responsible for more than 180 projects. As per April 2015 Multi
owns and/or manages 82 shopping centres. Multi is active in 12
countries, including the Netherlands, where the company has its
headquarters. Other countries in which Multi is active include
Belgium, the Czech Republic, Germany, Italy, Poland, Portugal,
Slovakia, Spain, Ukraine, the United Kingdom and
Turkey. www.multi.eu
1 Franciacorta Outlet Village, Mantova Outlet Village, Palmanova
Outlet Village, Puglia Outlet Village, and Valdichiana Outlet
Village
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version on businesswire.com: http://www.businesswire.com/news/home/20150617005998/en/
For more information or images:BlackstoneAndrew Dowler, +44 (0)
20 7451 4275andrew.dowler@blackstone.comorMulti CorporationBarbara
Voskuil, +31 (0)20 25 88 100bvoskuil@multi.eu
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