Generali Real Estate and the Percassi Group have completed the acquisition of Oriocenter, Italy's largest shopping mall, from German fund Commerz Real for approximately €470 million. The transaction was executed through a real estate fund jointly established and managed by Generali Real Estate SGR, with both groups holding equal stakes in the partnership. This major real estate deal marks a significant shift in ownership of one of Europe's premier retail destinations.
The acquisition represents a homecoming for the Percassi family, who originally developed Oriocenter nearly 28 years ago. Antonio Percassi, the entrepreneur behind the ambitious project, constructed the massive shopping complex near Bergamo despite initial skepticism. While Percassi maintained management responsibilities since the mall's 1998 opening, the ownership had been held by Commerz Real since shortly after the initial development. The German fund had also acquired subsequent expansions of the center over the years.
Oriocenter stands as a retail powerhouse in the European landscape. Located adjacent to Bergamo's Orio al Serio International Airport, the complex spans 105,000 square meters and hosts 300 stores, including 57 food outlets, two food courts, 14 cinema screens, a hypermarket, and over 7,000 parking spaces. The mall attracted nearly 12 million visitors in 2024 alone, demonstrating its continued appeal and commercial vitality.
Under the new ownership structure, Percassi will continue as property manager while Generali Real Estate assumes the role of asset manager. The partnership aims to leverage integrated resources and expertise to implement innovative strategies for enhancing visitor experience and attracting broader audiences. The transaction involved several advisory firms including Intesa Sanpaolo's Imi Corporate & Investment Banking division, Cushman & Wakefield, and legal firms Gatti Pavesi Bianchi Ludovici and Chiomenti.
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