Invesco Real Estate has added a factory outlet in Italy to its European retail portfolio.
The fund manager said it has acquired the Outlet Center Brenner in Italy on behalf of one of its German separate clients for an undisclosed sum. The vendor is Huter Invest.
The fully-let outlet centre comprises 15,300sqm of retail space on three floors.
William Ertz, a senior director fund management director at Invesco said the outlet centre is in the middle of the Alps and has developed and grown since it opened 10 years ago.
“We have noticed a 35% increase in visitors since the completion of the first extension in 2012 and we predict the recent extension will continue to drive additional growth.
“The asset offers excellent fundamentals for further development potential through active asset management to provide strong income growth and total return for our client’s portfolio.”
The Brenner acquisition is Invesco’s second factory outlet deal for the European retail portfolio. The first acquisition was the Designer Outlet Centre in Wolfsburg, Germany.
Invesco’s European retail portfolio is currently made up of 38 assets.