DWS acquires Barberino designer mall in Italy from Nuveen Real Estate
DWS has bought the 27,000sqm Barberino Designer Outlet mall in Italy for one of its real estate funds.
The manager said it acquired the asset in Tuscany asset from Nuveen Real Estate’s European Outlet Mall Fund (EOMF) for an undisclosed sum.
The Barberino Designer Outlet, which houses brands like Polo Ralph Lauren, Michael Kors, Nike and Adidas is almost fully let.
Giuseppe Colombo, head of real estate, Italy for DWS. said: “The impressive performance and turn-over of Barberino Designer Outlet further demonstrates the resilience in recent years of this previously niche segment, not often available to the market.”
Sebastien Gorrec, European fund management director, Nuveen Real Estate, said the EOMF has owned its stake in Barberino Designer Outlet for 10 years, during which time the retail destination has seen growth in both its footfall and profitability.
“We are pleased to have been able to hand the centre over to DWS who will be able to help continue its strong performance.”
Mario Pello, head of real estate Italy, Nuveen Real Estate, said: “The outlet sector continues to be a resilient investment product, meaning assets such as Barberino remain attractive to long-term investors looking for quality and diversification.”