Allianz Real Estate and ING have bought an Italian shopping centre from CBRE Global Investors.

German investor Allianz said it bought a majority stake in the Fiumara centre in Genoa for Allianz’s Italian insurance companies. Allianz is understood to have paid around €85m its stake. ING Group has taken a minority stake of around 49% in the centre, IP Real Estate understands.

CBRE Global Investors sold the asset to the joint venture on behalf of its Italian Retail Fund, which it inherited when CBRE bought ING REIM in 2011. The fund is being liquidated.

The unlisted, semi-open ended fund was launched in 2007, targeting core and value-add retail properties in Italy. The fund had an IRR target of 10-12%.

Mauro Montagner, chief executive of Allianz Real Estate Southern Europe, said with Italian retail showing signs of recovery and improved confidence, now was a “good time to invest in the sector”.

CBRE Global Investors will continue to manage the 40,000sqm centre, which includes 16,000sqm of leisure space. Montagner said the centre would benefit from improvements.

“We will look to reposition the asset by introducing new concepts and ideas,” Montagner said. “It’s the dominant centre in the area and very much a long-term acquisition for us.”

The deal is Allianz’s second in Italy since the country began to enjoy renewed appetite amongst foreign investors. Last May, Allianz bought two office properties in Milan and Rome – its first Italian investments since 2008.

Montagner said Allianz had a preference for retail over offices but did not adhere to strict sector allocations.