Thor Equities has signed a contract to acquire its first property in Italy, a 7,826 m² (85,000 ft²) luxury retail, office and residential property at 26 Via della Spiga in Milan, company executives have announced. According to an anonymous source, the acquisition is valued at approximately €163m ($175m).
Home to one of Dolce & Gabbana’s first stores, 26 Via della Spiga features over 130 m (425 ft) of retail frontage. The seven-storey mixed use building is located near Duomo Square in the heart of Quadrilatero della Moda, Milan’s renowned fashion district.
Dolce & Gabbana occupies all 1,617 m² (17,407 ft²) of retail space on the ground and lower levels. The building also contains 3,102 m² (33,384 ft²) of office space, and 3,107 m² (33,443 ft²) of luxury residential space.
The property is surrounded by numerous luxury retail tenants including Prada, Tod’s, Tiffany’s, Moschino, Belstaff, Saint Laurent, Brunello Cucinelli, Bulgari, Chopard, Lanvin, Roberto Cavalli and Valentino, with the Four Seasons Hotel Milano situated nearby.
“The retail market and overall economy in Milan has held up very well, with retail rents remaining stable along prime fashion corridors including Via della Spiga, due in large part to the city’s emergence as a global gateway destination attracting European, U.S., Asian, and Middle Eastern consumers,” said Jared Hart, Managing Director of Thor Equities.
More than 2 million tourists visit Milan every year to experience its world famous museums, theatres, landmarks, luxury retail stores, and premier events including Milan Fashion Week.
The purchase of 26 Via della Spiga in Milan continues Thor Equities’ recent European expansion. The company’s European holdings also include 102 Avenue des Champs-Elysees, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris, 16 Calle Fuencarral and 9 Puerta del Sol in Madrid, as well as Bond Street House, 105-109 Oxford Street and the Burlington Arcade in London.