The retail parks and shopping centres will increases BNP Paribas RE’s managed portfolio by 540,000 square metres, bringing it to almost 39 million square metres.
The portfolio consists of 10 retail parks in major German cities, four retail parks in Poland, and one retail park and two shopping centres in Paris.
Pradera acquired 25 IKEA centres in March, which are included in the portfolio.
Csongor Csukas, executive director international property management at BNP Paribas RE, said: “It’s a great opportunity to work on medium-long term strategic and cross-border challenges with an expert in retail investment like Pradera. We are very motivated and well prepared to bring our best practices to this project in order to enhance the value of the portfolio.”
Roberto Limetti, head of european property at Pradera, said: “We are delighted to have completed the first phase of this landmark deal, which builds on our 17-year track record of success in managing retail investments across Europe. Having done so, we are pleased to bring in BNP Paribas Real Estate to provide property management services on this portfolio.”