Eurofund Group has officially announced that international fashion retailer, Primark, will take a unit of approx. 3,400 sq metres at Parma Retail, located in Parma, Northern Italy.
As the new anchor tenant for the scheme, the retailer will occupy a prominent unit, fitting in seamlessly with the existing tenant mix and other national and international retailers set to be announced in the coming weeks.
The leading pan-European real estate investment and development company has also revealed it will undertake a €35 million programme of capex investment, to transform the retail destination, which has GLA of circa 40,000 m2, into Parma Promenade, Italy’s first open-air, fully integrated retail and leisure promenade.
As part of the plans, and in agreement with the local authority, Eurofund Group will dedicate €1.5 million to investing in the public realm and surrounding infrastructure. The current access road will undergo enhancements and there will be further improvements to wayfinding, signage, and landscaping. The planned works are set to commence in November of 2024.
Ion Saralegui, Eurofund Group CEO, comments: “We are delighted to welcome such a globally recognised brand to Parma Retail. We have a track record of repositioning retail destinations across Europe and look forward to seeing our plans for Parma Promenade take shape.
“Our commitment to revitalising the public space aligns with our wider vision for creating not just a retail destination, but a vibrant community hub.”
Stephane Hepburn, CEO Italy Retail, added: “The quality and strategic location of Palma Retail have helped us to secure a number of market leading retailers as anchor tenants, setting the standard for the wider scheme’s brand mix.
“This success reflects our commitment to delivering a dynamic, thriving environment and, with more exciting developments in the pipeline, we’re excited to see the centre become a prominent destination at the heart of the community it serves.”
Javi Martin, Leasing Director, Eurofund continued: “Primark is a great brand and fits perfectly with the overall vision for the centre. Our proactive leasing strategy is starting to take shape and we look forward to making more announcements soon.”
Luca Ciuffreda, Head of Primark Italy, said: “We are delighted to have signed the lease for our second store in Emilia Romagna region, within the ‘Parma Retail’ shopping centre. We know that Primark is already a much-loved brand in the region, and we are pleased that we will be reaching even more customers with this new store.
This store is part of our wider expansion plans in Italy, where we will soon grow to have 21 stores. At Primark, we are proud to offer something for everyone and we know that our new customers will love our incredible fashion and essentials at affordable prices.”
Eurofund Group is an asset management, investment and development company operating in Spain, Portugal, the UK, Italy, and Germany. It is a European leader in the development, implementation and management of unique retail destinations that delight communities and visitors.
