Blackstone and Multi purchase Palmanova Outlet Village

Multi recently announced the acquisition by Blackstone Real Estate Partners Europe IV of Palmanova Outlet Village, a 22,000-sq-m, high-quality outlet center 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 attracts approximately 3 million customer visits per year. As a result of this acquisition, Blackstone now owns a portfolio of five upmarket factory outlet centers throughout Italy, located in Lombardy, Tuscany, the Venice region, and Puglia. The platform, one of the largest in Italy, totals 150,000 sq m with approximately 650 shops and welcomes 15 million visitors per 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 this acquisition, we have strengthened our position as a leading owner of factory outlet centers in Italy. This unique asset provides a compelling opportunity to upgrade the retail offering further for both our local customers and tourists.”

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