Commerz Real sells Orio Center and NH Hotel in Bergamo

Commerz Real has sold its Orio Center shopping mall and the adjacent NH Hotel, both situated south of Bergamo, Italy.

Orio Center

A joint venture between a Generali Real Estate fund and the local Percassi Group acquired the Orio Center for around €470 mln, while the Percassi Group alone purchased the NH Hotel.
The transaction was completed through a real estate fund managed by Generali Real Estate, with both Generali's pan-European fund and the Percassi Group holding equal 50% stakes.
The Percassi Group, which has managed the Orio Center since its opening in 1998, will continue in this role, while Generali Real Estate will serve as the asset manager.
Inaugurated in 1998, the Orio Center was modelled on an American mall. Commerz Real originally bought the Orio Center in 2000 for its Hausinvest fund, later adding extensions and the hotel (completed in 2008).
Located near Bergamo and connected to Orio al Serio International Airport, Orio Center is Italy's largest shopping centre by area and offerings, and one of Europe's biggest. It currently features approximately 250 stores across 67,700 m² with nearly full occupancy. The hotel has 118 rooms. Both properties benefit from excellent access to the A4 motorway and Milan Bergamo Airport.