Foruminvest Italia sells shopping center Gran Sasso (Italy) to Orion

On March 14 Foruminvest Italia sold its 100% stake in shopping center “Gran Sasso”, Teramo (situated 175 km to the Adriatic coast northeast of Rome) to Orion European Real Estate Fund IV, a pan-European fund sponsored by Orion Capital Managers. The shopping center developed by Foruminvest Italia, opened in November 2007 and has since been owned by Foruminvest. The center consists of 30,000 m2 GLA retail space and is fully let to, amongst others, Conad (hypermarket), H&M, Media Markt (World), Bershka, Pull & Bear, Oviesse (OVS) Cisalfa (Intersport), Maison du Monde, Bricofer, Casa, Terranova and United Colors of Benetton and 1,850 parking spaces. In 2016 Gran Sasso had approximately 3.5 million visitors (+8% since 2014). The turnover of the center has increased by 17% since 2014, which is a positive trend after the economic recession. Foruminvest will continue to manage the mall for Orion. David Ermia (CEO of the Foruminvest Group) noted that they are very satisfied with this transaction and want to continue their relationship with Orion also on future projects. Orion was advised by Dentons and Studio Bellavite Pellegrini, while Jones Day advised Foruminvest.