PGIM Real Estate has sold an open-air hospitality portfolio of premium ‘resort-style’ camp sites in Veneto and Tuscany Italy to Sandaya, one of the leading campsite operator in Europe. The sale is on behalf of PGIM Real Estate’s European value-add strategy.
PGIM Real Estate is the $206 billion real estate investment arm of PGIM, and the third largest real estate firm globally.
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, two leading tourism destinations. The portfolio consists of three sites in Tuscany and one in Veneto; Europa Camping Village (Veneto), International Camping Etruria, Pianacce Camping Village (Tuscany) and Toscana Bella Camping Village (Tuscany).
Through a dedicated capex programme aiming to increase the overall asset quality and customer experience, the team optimized operational, sales and management processes across the sites, installed new luxury mobile homes and refurbished existing amenities.
Source: Press release sent 16 July 2024.