Antin, ICAMAP & Borletti Group selected by FS & Eurostazioni to acquire Grandi Stazioni Retail

16 June 2016

Paris, Milan, Luxembourg - A consortium formed by Antin Infrastructure Partners, ICAMAP, an independent real estate fund manager and Borletti Group, a private investment entity focused on retail, luxury and real estate, ranked first among bidders and has been selected by Ferrovie dello Stato Italiane (FS) and Eurostazioni as the winning counterpart for the purchase of a 100% stake in Grandi Stazioni Retail (GSR).

GSR will operate the new long-term leasehold providing exclusive rights to the commercial leasing and advertising spaces of the 14 largest Italian railway stations, as well as the concession for the redevelopment and management of two railway stations in the Czech Republic.

The consortium formed by Antin, ICAMAP and Borletti presented a differentiating and robust industrial project for GSR enabling it to deliver the winning bid, for an Enterprise Value of €953m. Antin’s infrastructure expertise was complemented by ICAMAP’s experience in commercial real estate and Borletti Group’s knowledge of travel hubs and Italian retail.

The consortium intends to fully leverage on the high quality of GSR’s assets as well as its outstanding development potential to take the company forward. Italian railway stations benefit from the strong growth trend for retail within high footfall travel hubs, as well as an increase in high speed rail tourists and business customers. The consortium’s industrial project, in close collaboration with FS Group, aims to complete the transformation of railway stations that began 15 years ago and deliver excellence to customers.

The consortium expects to bring world class expertise and skills to the company and is confident it will provide an excellent retail experience to the 790 million visitors using these key Italian railway stations every year.

Commenting on this transaction, Alain Rauscher, CEO and Managing Partner at Antin Infrastructure Partners stated, “We are delighted to have been selected by FS and Eurostazioni alongside such recognised and experienced partners as ICAMAP and Borletti Group. GSR has proven to be a highly attractive and resilient business despite a challenging macroeconomic environment. We believe our consortium is uniquely placed to unlock the growth potential of this business and we look forward to working together with FS Group to deliver a successful project.”

Guillaume Poitrinal, Chairman of ICAMAP added, “GSR is one of the largest European pure players in travel retail. ICAMAP is extremely excited by the significant potential for value creation and growth in this asset.”

Maurizio Borletti, Co-Founder of Borletti Group also stated, “We strongly believe that Italian railway stations have great potential. Railway stations can show the same phenomenal success we have seen in travel retail in airports. We are thrilled to have been selected to guide this radical transformation. Train stations are unique locations and modern travellers are looking for experiences that go well beyond traditional shopping. Our goal is to take the shopping experience at train stations to the next level.”

Final closing of the transaction is expected in the coming weeks.


ICAMAP is an independent real estate fund manager with a wealth of expertise in real estate, capital markets and private equity. ICAMAP is led by its three founding partners: Guillaume Poitrinal (former CEO of Unibail Rodamco, Europe’s largest property company, with over €30bn worth of assets across Europe, primarily invested in shopping centres), Harm Meijer and Alexandre Aquien. ICAMAP’s first fund is a €500 million closed-end fund primarily focused on European property companies, which allows it to act as a long-term investor alongside shareholders, management teams and other stakeholders.

About Borletti Group

Borletti Group is a private investment entity supported by a pool of trusted investors. Based in Luxembourg and London, Borletti Group is active in a number of Countries, including Italy, France and Germany. Borletti Group includes a team of successful managers with entrepreneurial, industrial and financial background in three core sectors: Retail, Luxury and branded consumer goods and Real estate. Over the last 8 years, Borletti Group has led and participated in acquisitions for a total amount of over €6bn.