Following a €39M (£32.6M) redevelopment programme, Eurofund Group and SIGNAL have re-opened Parma Promenade, the landmark retail and leisure redevelopment project in Northern Italy.
The 51,000sq m (approximately 549,000sq ft) scheme was acquired by the joint venture and has since undertaken a transformation including the addition of a 15,000sq m (more than 161,000sq ft) leisure and sport zone, incorporating several padel courts, pickleball, bowling, an indoor gym, as well as interactive and virtual reality areas.
Other upgrades include extensive public realm improvements and the addition of a tailored food offering that will harness Parma’s recognised status as Italy’s ‘Food Valley’.
The phased reopening commences in September, with 45 outlets opening their doors to the public, including brands such as Old Wild West, Primark, New Yorker, Sorbino, Conté, CVG, JD, Mango, Parfois, Barbuti, Uagliò, Smashie, Doppio Malto, La Casa de las Carcasas, Blue Spirit, Calliope and Candida.
Ion Saralegui, CEO of Eurofund Group, said: “Parma Promenade reflects the approach we are taking across Europe: combining transformation with operational excellence to reposition existing assets around changing consumer needs. The €120M in GVA generated during the redevelopment demonstrates the wider economic value this model can deliver. Together with SIGNAL, we have created a strong platform for Parma Promenade’s next stage of growth.”
Colman McCarthy, Partner at SIGNAL, added: “The reopening of Parma Promenade marks an important milestone in the transformation of the asset and validates the investment thesis we identified when we first invested. In partnership with Eurofund, we have repositioned the scheme to create a more compelling retail, leisure and food destination, enhancing its long-term appeal to both occupiers and consumers. We are pleased with the progress made to date and see significant potential as the asset enters its next phase.”
