Blackstone and Multi acquire Palmanova Outlet Village and AVM in Italy

Blackstone and Multi acquire Palmanova Outlet Village and AVM in Italy

Amsterdam/Milan, 17 June 2015

Blackstone and Multi acquire Palmanova Outlet Village and AVM in Italy

Multi announces the acquisition by Blackstone Real Estate Partners Europe IV of Palmanova Outlet Village, a 22,000 m2 high-quality outlet centre located between Trieste and Venice. The village opened in 2008 and hosts over 90 retailers, including Calvin Klein, Nike, Adidas, Guess and Tommy Hilfiger and generates approximately three million customer visits per year.

As a result of this acquisition, Blackstone now owns a portfolio of five upmarket factory outlet centres throughout Italy, located in Lombardy, Tuscany, the Venice region and Puglia. The platform, one of the largest in Italy, totals 150,000 m2 with approximately 650 shops, and welcomes 15 million visitors a year. Annual sales across the platform are close to € 400 million. Blackstone was advised on the acquisition of Palmanova by Cushman & Wakefield.

Paolo Bottelli, Chairman of Multi Italy: “With the acquisition of Palmanova Outlet Village, we have strengthened our position as a leading owner of factory outlet centres in Italy. This unique asset provides a compelling opportunity to further upgrade the retail offering for both our local customers and tourists.”

Acquisition of AVM in Italy
Multi also announces the acquisition of Added Value Management Srl (“AVM”), an established Italian company specialising in the management of outlet centres. Founded in 2009, AVM was the external manager of Blackstone owned outlet centres. Multi will rebrand its new subsidiary into Multi Outlet Management Italy. Under the leadership of Mr Dario Pistone, former director of AVM, Multi Outlet Management Italy will become Multi’s specialist factory outlet centre team, focused on creating value across Blackstone’s factory outlet portfolio in Italy.

Multi Outlet Management complements Multi’s activities in Italy alongside the existing asset and mall management business under the leadership of Mr Luca Maganuco.

Jaap Blokhuis, CEO of Multi Corporation, said: “We are delighted to add the team from AVM into the Multi family, further enhancing Multi’s capabilities across the retail spectrum, and extending our reach into factory outlets. With 12 centres owned across Italy, generating close to € 960 million of retail sales and almost 45 million annual visits, our presence in Italy now spans the full complement of shopping centres, neighbourhood retail centres, and factory outlets.”