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News Release


Pradera sells the Romagna Retail Park in Italy to Klepierre for €69 million

Jones Lang LaSalle advises Pradera

London, 9th February 2011 - Acting on of behalf of the PERF Fund, managed by Pradera Europe, Jones Lang LaSalle has sold the Romagna Retail Park to Klepierre for more than €69 million.
The Romagna Retail Park, which opened in 2004, is located in Savignano sul Rubicone (Forlì Cesena). It comprises circa 40,000 sq m of GLA, including 25,210 sq m of retail units let to Decathlon, Scarpe&Scarpe, Maisons du Monde, Casa, Conbipel, Piazza Italia and 13,329 sq m of leisure units let to tenants including a UGC Cine Citè cinema, a bowling alley and a food court.
Klepierre, an experienced shopping centre owner, manager and developer active in 13 countries across Continental Europe, is already the owner of the Romagna shopping centre adjacent to the Retail Park.
Davide Dalmiglio, Head of Retail Capital Markets of Jones Lang LaSalle Italy, said: “The sale of the Romagna Retail Park represents a very important deal for the Italian investment market, particularly as it is the first retail park transaction since end of 2008 and demonstrates that there is continued investor demand for quality product in Italy.  Although retail investment across Europe largely focused on shopping centres in 2010, retail parks have shown resilience during the economic downturn, and we anticipate that such assets that are well located, with a strong tenant mix and efficient management will continue to attract the interest of institutional investors.”
Roberto Limetti, Head of Pradera Management Italy, comments: “After 7 acquisitions completed on behalf of our two Funds (PERF and PERF 2) in the Italian market over the last 4 years , we decided to dispose of an asset thus proving there still is a market for good institutional quality assets. The sale of the Romagna Retail Park does not in any way change our strategy in Italy, which is still focused on expanding our portfolio under management with at least 3 to 5 new acquisitions in 2011.  These new acquisitions will be on behalf of the Pradera Open Ended Retail Fund and our new Pradera European Retail Fund 3.”