Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has acquired a c. 4,300m² GLA mixed-use asset in Florence, Italy. The asset comprises residential as well as retail space, with upside asset management potential. The property is located in the historical centre at the northern end of Via de Tornabuoni overlooking Piazza degli Antinori and adjacent to the Palazzo Antinori. The majority – roughly 75% - of the ground floor retail is occupied by Hermes. The remaining retail space is currently vacant. Progenia will act as an operating partner for CCP 5 LL. The purchase price was not disclosed.
Edoardo Crotta, Director at Tristan Capital Partners, said: “This asset is located in the heart of the luxury retail precinct of Florence with high-end fashion stores. We see ample opportunities for active asset management in the retail space and plan to modernise the residential units through refurbishment. Due to its flexible layout, the property provides further business plan optionality for the upper floors.”
Giovanni Belloni, CEO at Progenia, said: “This property is located in one of the most prestigious areas in the city centre of Florence. In addition to the presence of luxury retailers, the area is characterised by many palaces which also attract a high footfall from both tourists and locals. This is a very attractive location for a mixed-use property of this type. Our aim is to create one of the most attractive luxury assets of Florence’s city centre.”