PGIM Real Estate has sold a portfolio of resort-style campsites in Veneto and Tuscany to campsite operator Sandaya.
The Italian portfolio comprises three sites in Tuscany - International Camping Etruria, Pianacce Camping Village and Toscana Bella Camping Village – and one in Veneto called Europa Camping Village.
Since 2021, PGIM Real Estate has built its portfolio of premium open-air hospitality sites through strategic acquisitions of existing campsites in central and north east Italy. During its ownership, it implemented a capex programme which say the installation of new luxury mobile homes, the refurbishment of existing amenities and the optimisation od operational, sales and management processes across the sites.
Why it matters
Outdoor hospitality has continued to enjoy attention, with Swiss Life Asset Managers France recently acquiring Les Vallons de l'Océan, a campsite located in La Plaine-sur-Mer, France, joining the likes of KSL Capital Partners, Belmond and Blackstone who have also ventured into the space.
What they said
Musie Bocrezian, head of Italy at PGIM Real Estate said: “Italy is the second biggest open-air hospitality market in Europe. This traditionally family-owned asset class is largely untapped by institutional investors but with the right expertise, there is a huge investment opportunity to transform a granular asset strategy into an institutional platform. We maintain a strong conviction in this sector and are currently seeking investment opportunities in Italian open-air hospitality.”
Nabil Mabed, senior portfolio manager of PGIM’s European value-add strategy added: “Hospitality in Southern Europe (Italy, Spain and Portugal) has been one of our preferred asset classes since the great reset. In particular, we see a lot of value in some sub-segments of the market such as open-air hospitality in Italy. We are very proud of this successful exit for our European Value-add strategy as we have been able to generate a lot of value for our investors in a short period of time during a very challenging market environment.”