CBRE Investment Management has acquired a residential building in Italy on behalf of an unnamed fund.

CBRE IM said it has bought the asset in Rome’s Talenti district from a joint venture between Incus Capital and IGS.

Financial details were undisclosed.

CBRE IM said the asset, which will undergo significant refurbishment, will consist of 225 rental residential units spread over seven floors, once completed. The asset will comprise two buildings.

Alberico Radice Fossati, the head of transactions Italy at CBRE Investment Management, said: “The Italian multifamily market is still in its relative infancy, compared to some of the other major European markets, and is gathering strong interest from international investors, who have driven the recent growth in investment volumes.

“We believe that this asset will deliver strong rental yields due to its excellent location, strong ESG credentials, Grade-A amenities and where there is a minimal supply of high-quality apartments.”

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