The shopping centre is located in Molfetta, north of the town of Bari and has a catchment area of over 250,000 inhabitants. Bari is the second most important economic centre of mainland Southern Italy and has a high percentage of young inhabitants.
Opened in 2008, the asset comprises ca. 35,000 sqm, including a mall and hypermarket (which is not part of the transaction) and is fully let to international tenants that include Zara, Stradivarius, Bershka, Pull & Bear, Oysho, MediaWorld and Mc Donald’s.
It is the dominant shopping destination within the area and sits within a retail and leisure hub with good accessibility from the route linking Bari to the cities of Barletta and Foggia. It has 2,500 parking spaces and in 2016 attracted 5.3 million visitors.
Alberico Radice Fossati, Head of Transactions Italy, CBRE Global Investors said, “Gran Shopping Mongolfiera Molfetta is a leading shopping destination with high and stable occupancy rates driven by strong tenant demand. We are very pleased to have been able to secure this acquisition for ESCF II.”
Toby Smith, Portfolio Manager for ESCF II Fund commented; “The Fund concentrates on buying assets that are dominant within their catchment area and provide an attractive combination of stable income streams and growth potential; Mongolfiera is an excellent example of this. It is also one of the final acquisitions for the Fund, which is expected to have 12 assets under management in total, with a total Fund GAV of c.€1.3bn when fully invested.”
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.