Barings Real Estate Advisers Acquires Second Italian Asset With Purchase of Asti Retail Centre for €51.5 Million from Warburg-HIH
Jan 24, 2017
Barings Real Estate Advisers announces that it has acquired the Nuovo Borgo retail centre in Asti, Italy, for €51.5 million.
This transaction follows Barings Real Estate Advisers‘ maiden investment into the Italian market earlier in December and is its first retail property aquisition in the country. The purchase has been made on behalf of a pan-European core investment strategy, which targets attractive cash returns by investing in office, retail and logistics assets in major European markets. The seller is Warburg-HIH, on behalf of one of its pan-European core investment funds focusing on office and retail assets.
Nuovo Borgo is a modern, dominant shopping centre situated in the Piedmont region, a strategic geographical position in Northern Italy, and one of Italy’s wealthiest areas. It comprises 16,976 sqm of modern retail accomodation which is well let to a range of leading global and Italian brands and anchored by Mediaworld, Calzedonia, OVS, Cisalfa, Piazza Italia and jewellery store, Pandora. The centre benefits from a strong catchment area with easy acess to Asti from nearby Turin, Milan and Genoa.
Barings Real Estate Advisers’ Milan-based team will oversee the asset management of the centre and aims to drive further value from this core asset through the leasing of the limited void space as well as other identified initiatives.
Gunther Deutsch, European Head of Transactions at Barings Real Estate Advisers, said: “Nuovo Borgo is a strongly positioned asset and our first retail acquisition in Italy. There is limited competition in the region, meaning the asset is a well established market leader in multi-tenanted retail in Northern Italy and is also well let to a strong mix of tenants. The investment provides us with an attractive yield and the opportunity to drive further value through a targeted asset management programme.ʺ
Valeria Falcone, Head of Italy at Barings Real Estate Advisers, added: “The performance of retail assets in Northern Italy remains strong and in our view the asset is well positioned to take advantage of this environment owing to its strong line up of tenants and location between Milan, Turin and Genoa. We are already in the advanced stages of re-letting a small number of vacant units and look forward to working on other asset management initiatives in the future.ʺ
Barings Real Estate Advisers is one of the world’s largest diversified real estate investment managers. The group is an active investor in private and public equity and debt markets and provides core, value-added and opportunistic investment and advisory services to institutional and other qualified investors around the globe.
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