Eurofund Group enters the Italian market. It does so with the acquisition of Parma Retail, located in northern Italy. The center has a gross leasable area of more than 40,000 square meters. The company’s goal is to transform it into the first fully integrated outdoor retail and leisure space in Italy.
To achieve this, the company will invest €25 million to transform Parma Retail into Parma promenade, whose works are expected to start at the end of 2023. In addition to the brands already present in the center such as Kiabi, OVS, Decathlon, Euronics, Tedi, Pepco, Terranova and Cisalfa, the transformation will attract other international fashion, restaurant and leisure. For its commercialization, Eurofund Group is collaborating with the Svicom Agency. Within Svicom Group, it currently has a portfolio of 130 assets representing a GLA of more than 1.7 million square meters and 2,800 stores.
In addition, it is worth noting the 4,000-square-meter terrace located on the first floor, which will house the Eurofund Group’s ‘anti-mall’ concept, The Hood. Initially launched at UBBO, Lisbon, in 2019, it is a community-focused concept that brings together the best of street food, entertainment, culture and art. Parma Promenade will also feature a personalized gastronomic offer that will champion Parma’s renowned reputation as the “Valley of Gastronomy” in Italy.
According to Ion Saralegui, CEO of Eurofund Group: “This is a great milestone for Eurofund Group, especially as we are entering a mature market for retail, where Eurofund Group’s experience and value proposition are in the best position to create a unique shopping and leisure destination that meets consumer expectations. We are proud to have consolidated our knowledge and assets in other markets, and now we are very excited to bring that experience to Italy.”
With a population of over 200,000, Parma is the second most populous city in the Emilia-Romagna region after Bologna, the region’s capital. ‘Parma Retail’ is strategically located just 5 km from the center of the city of Parma, with access from the A1 motorway, and close to one of the three Ikea centers in the region.
“As part of this new project, Eurofund Group will open an office in Italy, specifically in Milan, from which Stéphane Hepburn, CEO of Italy, and Clemens de Meij, financial analyst, will oversee and coordinate the acquisition and transformation of this and other projects. futures”, adds Ion Saralegui.
For his part, Stéphane Hepburn, CEO of Italy, states: “We are delighted to be working on ‘Parma Promenade’ as our first project in Italy. It is located in one of the most prosperous cities in the country and offers a distinctive offer, with little competition in the immediate area of influence. The transformation of the existing structure means that we can take advantage of the great potential of this center and create a fully integrated commercial and leisure promenade”.
Following the company’s expansion into the United Kingdom, Portugal and Spain, Eurofund Group’s first Italian project will replicate its trajectory in creating shopping and leisure destinations that combine retailentertainment, gastronomy and outdoor sports activities, such as the spaces of Puerto Venecia, in Zaragoza, UBBO, in Lisbon, or Silverburn, in Glasgow.
Eurofund Group enters Italy with the acquisition of Parma Retail, a commercial space with 40,000 m2