Barings Real Estate buys first Italian retail asset
Barings Real Estate Advisers has bought its first retail asset in Italy.
The investment manager said the Nuovo Borgo retail centre in Asti was bought for €51.5m for the manager’s core strategy.
The 16,976sqm asset was sold by Warburg-HIH for one of its pan-European core investment funds.
Gunther Deutsch, European head of transactions at Barings Real Estate Advisers, said: “There is limited competition in the region, meaning the asset is a well established market leader in multi-tenanted retail in Northern Italy and is also well let to a strong mix of tenants.”
The investment, Deutsch said, provides an attractive yield and opportunity to drive further value through a targeted asset management programme.
Tenants include Mediaworld, Calzedonia and Pandora.