SES Spar European Shopping Centers solidified its presence in Northern Italy.SES Spar European Shopping Centers solidified its presence in Northern Italy by acquiring IL GRIFONE shopping center in Bassano del Grappa, situated in the Vicenza/Veneto region. The transaction was completed with MCAP Global Finance (UK) LLP, the European subsidiary of Marathon Asset Management LP, headquartered in New York.
With IL GRIFONE, SES has acquired a fully let facility comprising 47 shops, including flagship tenants such as INTERSPAR, Media World, H&M, Cisalfa, Pittarosso, and a stand-alone McDonald's.
The shopping center, operational since 2009, boasts a gross leasable area (GLA) exceeding 20,000 square meters, with 7,000 square meters already under the ownership of SPAR Group (ASPIAG Italy) before the acquisition. This latest addition propels the SES portfolio to 31 properties, including three sizable Italian shopping centers.
Marcus Wild, SPAR Real Estate Board Member and SES Board Chairperson: "IL GRIFONE is a prime location with considerable scope for development in an affluent region. As proprietor, SES has just what it takes to make this mall reach its full potential and network more closely with the city and surrounding area – a major opportunity for all concerned."
Christoph Andexlinger, CEO, SES Spar European Shopping Centers: "With IL GRIFONE, we are expanding our portfolio to include a well-established mall. We are doing all we can alongside the local team to project this prime location into the future. We obviously want to further develop the experience-oriented dimension and enhance the quality of stay in the mid-term. IL GRIFONE is a perfect fit for us and the ideal complement to our two Italian shopping centers IPERCITY and LE BRENTELLE in Padua."
SES received legal advice from Cerha Hempel and Gattai Minoli & Partners. On the seller side, BNP Paribas acted as broker and Legance as lawyers. CBRE was previously entrusted with property and center management. From September onwards, the new proprietor is SES Spar European Shopping Centers GmbH with SES Italy responsible for managing the venue.