STILO IMMOBILIARE FINANZIARIA – ANTONIO PERCASSI – AND ORION EUROPEAN REAL ESTATE FUND V TOGETHER FOR THE DEVELOPMENT AND THE MANAGEMENT OF RETAIL REAL ESTATE ASSETS IN THE ITALIAN MARKET
Milan, 13 September 2019 – Stilo Immobiliare Finanziaria, real estate holding of Antonio Percassi and Orion European Real Estate Fund V, are pleased to announce a joint venture agreement for the set-up of a new holding which owns and manages the following assets: Turin Outlet Village, Sicily Outlet Village and Rome Outlet Village and the recent development of Oriocenter which includes the cinema and the new food court.
Orion European Real Estate Fund V owns the majority stake of the holding while Stilo Immobiliare Finanziaria, in addition to the significant minority shareholding, will continue to manage, commercialize and develop the assets through Arcus Real Estate.
The transaction leads to a strategic partnership between two of the most important players of the market, with the common aim to develop more important initiatives in the retail sector.
The asset value of the joint venture is equal to approximately of €500 million, including an overall leased GLA of 65,000 sqm with further 50,000 sqm to be developed in the next years.
The Sicilia Outlet Village, open in 2010 and located in the Enna area, has a 30,000 sqm of GLA with 140 stores of the most famous Italian and international brands. The Torino Outlet Village, launched in 2017 in Settimo Torinese, close to Turin, has a 20,000 sqm GLA with 90 stores of the most well-known brands. The Roma Outlet Village (former Soratte Outlet) built in the municipality of Sant’Oreste in the district of Rome, will be developed on a 30,000 sqm GLA. The Oriocenter extension of 15,000 sqm GLA includes the new multiplex and the new food court.
Stilo Immobiliare Finanziaria
Stilo Immobiliare Finanziaria, Antonio Percassi’s holding company dedicated to retail estate activities, designs, develops, builds and manages big shopping centres and outlet villages, his core business. The mission of the Company is to develop real estate projects in strategic locations with innovative features regarding both their product offering and architectural style. The first Stilo project under the Percassi name was the completion and opening of the Oriocenter, a new generation shopping mall. Latest initiatives realized and opened by the Company were the Torino Outlet Village, one of the most exclusives Italy’s outlets, and the further extension of Oriocenter.
Orion European Real Estate Fund V slp
Fund sponsored by Orion Capital Managers (“Orion Capital”), Orion Capital is the private European real estate investment firm that sponsors the Orion European Real Estate Funds, including OEREF V and has invested approximately €5.5 billion of equity in European real estate since Orion Capital’s inception in the year 2000. Orion Capital has a team of fifty real estate professionals with offices in Milan, London, Paris, Luxembourg and Madrid. Orion Capital has completed raising capital for Orion European Real Estate Fund V which has total capital commitments of €1.5 billion available for immediate investment. Orion has successfully completed in Europe approximately €1.2 billion of retail transactions, with successful activities of asset repositioning, development and asset management. Orion Capital has made several acquisitions such as: Qwartz in Paris, Puerto Venecia in Saragozza, Aura – Valle Aurelia in Rome and a portfolio of tree shopping centres in Triveneto.
For further information on Stilo Immobiliare Finanziaria:
Giuliana Paoletti, Cristina Fossati, Angela Fumis