TRIUVA, the pan-European real estate manager, has sourced a portfolio of nine Italian high street retail properties for €120m on behalf of a Dutch institutional client of CBRE Global Investment Partners. TRIUVA structured the purchase from RES / Beni Stabili through a new fund established and managed by Savills Investment Management Italy. TRIUVA will act as exclusive advisor to the fund.
The Italian retail portfolio comprises high street properties in the historic city centres of Bologna, Padua, Vicenza, Cuneo, Pisa, Novara, La Spezia and Treviso. Several properties in these Northern Italian cities date back to the 19th century, of which three are listed by the Italian Cultural Heritage office. All nine properties have been recently refurbished and are occupied by tenants which include high street fashion chains Zara and H&M, as well as the luxury group LVMH.
After having purchased the flagship Apple and Moncler store in Florence in 2016, the portfolio is the second retail investment in Italy by TRIUVA in the past 12 months. TRIUVA benefits from its pan-European network of 15 offices to grow its €10bn of assets under management. The company targets office, retail and logistics properties in the core segment.
Wenzel Hoberg, CEO at TRIUVA, said: “After broadening our investor relations activities towards non-German clients, this first transaction for CBRE GIP can be seen as a stamp of approval by a highly respected investment manager. The successful raising of new capital clearly underlines our capabilities to expand our investor base throughout Europe.”
Chris Linney, Head of Asset Management at TRIUVA, said: “This exceptional portfolio of prime assets generates a secure and stable cash flow through long-term leases, which is very attractive to investors. Regional Italian cities have performed well supported by higher than average purchasing power. We expect to see some opportunities to add value to these properties through targeted asset management.”
Advising TRIUVA on the transaction were Savills, Arcadis, DLA Piper (Italy) and Linklaters (Germany).
