Indotek Group enters Italian real estate market
Indotek Group has completed its first acquisitions in the Italian market, expanding in two retail segments: supermarkets and shopping centers, according to a press release sent to the Budapest Business Journal.
As part of the transaction, Indotek Group acquired a portfolio of 13 medium-sized stand-alone supermarkets from Reale Immobili S.p.A. The supermarkets, which form a 40,000 sqm portfolio, are located mainly in densely populated tertiary cities in the north of Italy and most of the properties are leased to the international supermarket chain Carrefour. The portfolio also includes two vacant assets that Indotek Group intends to lease following the completion of renovation works, according to the press release.
In the second acquisition, the company purchased Le Masserie, an 18,000 sqm shopping center with 60 retail units, from a group of private investors. The shopping center is located in southern Sicily. Previously managed by Stoneweg, it is operating at close to 100% occupancy with tenants such as Zara, Coop, and Unieuro. The performance of the shopping center in 2021, following the easing or lifting of restrictions due to the coronavirus epidemic, is close to the record level of 2019.
"Retail properties are an important part of Indotek's real estate portfolio, as we have been operating malls, retail parks, and supermarkets in Hungary, Romania, and Spain for many years. The transactions just closed are the first of hopefully many in Italy, which is a key market in our international expansion, given the exciting opportunities offered by its size as well as economic and geographic diversity," said Krisztián Hornok, transaction director of Indotek Group.
Indotek Group's country head Eleonora Galloni added that "I am delighted to represent Indotek Group in Italy, where I have been able to contribute to the closing of the company's first transactions in the Italian retail sector, which has proven resilient in the international market during the pandemic. The investments thus provide us with the opportunity to continue Indotek Group's proactive asset management activities. With the right fundamentals in place, our company continues to believe in the retail sector."
In the transaction activity related to the acquisition of the supermarkets, Indotek Group was supported by Side Partners in the financing, implementation and structuring of the transaction, K&L Gates in the legal aspects, Rina Prime Value Services in the technical due diligence.
For the acquisition of the Le Masserie Shopping Centre, Indotek Group was assisted by the law firm Gatti Pavesi Bianchi Ludovici for the legal aspects of the transaction, Plusiders for the tax, financial and structuring aspects, CBRE Italy for the commercial aspects and Yard Reass for the technical aspects.
The sellers were assisted by Stoneweg Italy for the financial structure, by the law firm DGRS and Context Consulting for the financial aspects, and by MFRE for the commercial aspects.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.