REDEVCO ITALY has acquired the Rinascente Building, a landmark retail property in Bari, from a private investor for approximately €50 million. The Rinascente Building, currently redeveloped, is located in the city's prime shopping area on Via Sparano and has a surface area of 5,000 m². H&M, the prestigious Swedish fashion retailer, is the main tenant.
This acquisition brings REDEVCO's portfolio of Italian properties to six. The Rinascente Building is REDEVCO Italy's third investment in 2007 and its first high-street retail acquisition in the south of the country.
"We are very pleased to have acquired such a landmark property in one of Bari's best locations. We will continue to invest in the Italian market and in this sector, building up long-term relationships with our tenants", says Francesco Coviello, Portfolio Manager at REDEVCO Italy.