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JLL advises Union Investment on the acquisition of Le Befane shopping centre in Italy

JLL has advised German fund manager Union Investment on the acquisition of the Le Befane shopping centre in Italy's Rimini region from Credit Suisse Asset Management.

The centre, which comprises around 35,500 sq m of retail space was opened in 2005 and welcomed some 8.6 million customers in 2016. It is the third of a total of four properties that make up the Melody portfolio, which Union Investment agreed to acquire from Credit Suisse in December 2016. Union will add Le Befane to its open-ended Unilmmo: Europa fund.

All the properties in the Melody portfolio were previously held by Credit Suisse's CS Euroreal open-ended real estate fund.

Davide Dalmiglio, Head of Capital Markets, Italy, JLL, said: "Italy is seeing a strong revival in the retail sector and this particular asset has remained resilient in the face of challenges including the rise of ecommerce as it provides customers with an experience as well as a good retail offering. It has a valuable tenant mix and entices tourists from all over the world which suited our client's requirements for their Europe-focused fund."