Promos and Pillarstone, first projects of the 'Retail & Leisure' fund launched

The two transactions count respectively 25 thousand sqm of Gla and 24 stores in Florence and 22 thousand sqm and 60 stores in Bergamo, allowing the 'Shopping Centres & Retail Parks' asset class of the Promos portfolio to exceed 200 thousand sqm of managed Gla.

According to Filippo Maffioli, the company's CEO, this is an action designed 'to restore value to properties that are no longer performing through structured reconversion interventions. The work that awaits us on assets such as San Donato in Florence and Continente in Mapello,' he continues, 'is emblematic of the approach we want to adopt: multi-year development plans and targeted investments for the relaunch and strengthening of attractiveness and role in the area. We are convinced that the platform will continue to grow to become a strategic driver of development in the coming years'.

An approach that, according to Gaudenzio Bonaldo Gregori, president and CEO of Pillarstone, is confirmed by the 'growing appeal of the regenerated retail asset class, which has shown more resilient performance than expected and returns in line with expectations. Further investments have already been identified to support the fund's initiatives, testifying to the effectiveness of the industrial approach and the platform's ability to attract new capital by generating value in the medium to long term for all stakeholders involved'.