M&G Real Estate is investing in Italy’s largest retail park.
The investment management business of Prudential will co-own the Market Central Da Vinci in Rome with the GWM Group.
GWM bought the asset from AIG/Lincoln in 2013 for €130m.
At €208m, it is the largest single-asset acquisition in Europe made by M&G Real Estate, which will be majority shareholder.
Simon Ellis, fund manager at M&G Real Estate, said: “The joint venture with GWM Group has allowed us to increase our average transaction size, with Market Central Da Vinci being the largest single acquisition we have made in Europe to date.”
The 56,600sqm retail park, 5km from central Rome, is let to tenants including Nike, Decathlon and H&M.
Matteo Cidonio, managing partner at GWM Capital Advisors said: “The investment fits with GWM Group’s strategy in real estate investments and allows the group to continue the value creation initiatives initiated in 2013 when we first acquired the asset.”