CBRE ITALY ADVISE ON THE SALE OF PALMANOVA OUTLET VILLAGE FOR €80 MILLION
CBRE Italy’s Retail Capital Markets team has advised a pool of investors on the sale of Palmanova Outlet Village for over €80 million to a group of real estate funds managed by Blackstone Group.
Palmanova Outlet Village is located in Aiello del Friuli in a strategic location near four major cities - Udine, Pordenone, Trieste and Gorizia - and benefits from excellent visibility on the Turin-Trieste highway. The proximity to the Adriatic Sea is key for the outlet, with tourists representing over a third of the area’s total visitors.
Completed in a single phase, Palmanova Outlet Village was opened in May 2008. The Outlet consists of 92 stores and is approximately 22,200 sq m in size. The outlet offers a wide mix of national and international brands including Calvin Klein Jeans, Guess, Pollini, Baldinini, Nike and Puma.
The strategic location, size and the large tourist trade ensured that Palmanova Outlet Village attracted a lot of interest from international investors. This is a trend we have seen throughout the first half of the year as Italy becomes an increasingly attractive market. CBRE’s Investor Intentions Survey found that Italy ranked 5th choice for investors who wanted to purchase in the EMEA region.