The real estate investment arm of Quilvest Private Equity has made its first direct purchase in Italy by acquiring a 12,600sqm retail asset.
Quilvest Real Estate said it bought the Barilla Center in Parma, through an Italian real estate alternative investment fund managed by Kryalos SGR.
The asset was acquired from Baring, the holding vehicle for a local family, for an undisclosed sum, it said.
Patrick Laroche, CIO Europe and Asia at Quilvest Real Estate, said: “We are pleased to announce our first direct acquisition in Italian real estate.
“We believe that the potential of the Barilla Center could be further enhanced through an optimisation of its merchandising mix, a refurbishment of certain elements of the centre and a general strengthening of the asset’s rental income.”
Laroche said Quilvest intends to pursue further investments in Italian real estate as part of its pan-European acquisition strategy.
“We continue to actively deploy capital in properties that offer value-add potential.”