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UBS sells Orio Retail Park in Italy following substantial repositioning
UBS Asset Management's Global Real Estate ("UBS") business announces that, on behalf of the UBS Euro Core Fund, it has completed the sale of the Orio Retail Park close to Bergamo, Italy for over EUR 11 million.
UBS acquired the 8,504 sqm asset in June 2005 and since then has implemented a significant asset management plan, improving the occupancy, income profile and appeal of the scheme to tenants and shoppers. The retail park is now 100% let, following a refurbishment of the main entrance and the underground car park; furthermore, recently UBS secured the reclassification of the asset from a ‘retail park’ to a ‘large retail centre’. This conversion provides greater asset management flexibility and makes the property more appealing to customers and retailers alike.
Under the new classification of the asset, which is equivalent to a shopping centre, a number of potential asset management opportunities remain available to the new owner, including greater flexibility to reconfigure space and the option to add additional retail accommodation to the property.
Mark Gifford, Senior Portfolio Manager for UBS Euro Core and Head of Transactions Europe ex CH commented: “This sale is a credit to the expert team of internal asset managers that we’ve had working on Orio Shopping Centre over the past 10 years and their successful efforts to both reposition and refurbish the centre, bringing it to full occupancy.
“Leveraging the positive momentum of the local real estate market’s recovery, we recognised that this was an opportune time to dispose of the centre, given the increased interest in Italy by international investors and the potential that remains available to be realised by its new owner.”
Richard Sunderland /Dido Laurimore/ Claire Turvey / Ellie Sweeney
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