AEW has acquired a prime high street asset located on a key shopping street in central Rome on behalf of the Europe City Retail Fund. The €22m investment marks the Fund’s second acquisition in Rome and its fourth in the Italian market, where the value of the Fund’s assets now exceeds €100m. The asset, which is on the prestigious Via del Corso, has been acquired from a private seller. Having previously been occupied by H&M, the unit, which comprises 875m² of retail space over five floors, is currently vacant providing significant asset management potential.
Via del Corso attracts significant footfall, with over 35.8 million visitors annually. It is one of Rome's main retail streets stretching 1.5km from Piazza del Popolo to Piazza Venezia, a historic area characterised by narrow alleys and small squares.
Christina Ofschonka, Europe City Retail Portfolio Manager at AEW, said: “This latest acquisition for the Fund is a good example of AEW’s ability to source interesting opportunities and reflects the benefits of having deep expertise on the ground. We continue to identify potential investments that align with our niche strategy, delivering both income and capital growth potential over the long term.”
Massimiliano Bernes, Country Head of Italy at AEW, added: “This is a high-quality asset in one of Rome’s preeminent shopping streets, attracting a high volume of affluent tourists and locals alike. The outlook for retail in Italy’s prime districts is positive, and with strong appetite from retailers to showcase their brands in such locations, we are confident that we will be able to lease the space in the near term and deliver attractive income on behalf of our investors.”