Redevco has sold its portfolio in Italy, in line with its strategy of concentrating on its core markets in Europe.
Redevco has announced the sale to a private investor of its Rinascente Building, a 5,000 m² landmark retail property in the Italian city of Bari. The building, purchased by Redevco in 2007, is located in the city's shopping area, Via Sparano, and is currently leased to H&M and Oviesse.
This sale was followed by the purchase by Foncière LFPI Italy, a company sponsored by Lazard, of a 4,800 m² retail unit close to the historic city center of Alessandria, 80 km southwest of Milan. The property is leased to MediaMarkt, operating as MediaWorld.
These two transactions, together with the sale last year of a former Redevco property in Brescia (a 4,475 m² retail unit leased to a local retailer) and the agreement about to be executed for the sole remaining Redevco property in Italy (a 6,700 m² mixed-use unit leased to Virgin Active, in the metropolitan area of Milan), mark the successful implementation of Redevco's strategy to exit Italy.
These disposals are in line with Redevco's strategy communicated earlier this year of further concentrating its activities on its key markets in Europe, which will allow Redevco to improve management focus on its core business, and to further streamline the organization and the efficiency of its operations, while having only a marginal impact on portfolio value.
"Putting into effect our strategy of focusing on our key markets in Europe markets where we have sizeable portfolios we have successfully concluded our exit from Italy. The current economic climate posed an extra challenge, but the quality of our portfolio and our teams has allowed us to do so to our satisfaction," says the current COO of Redevco, Javier Hortelano.