Optimum Asset Management has sold a closed-end Italian trophy asset fund.

The firm’s Futura Investment Management affiliate sold the Boccaccio vehicle to four European institutional investors.

Fondo Boccaccio, which owns a €226m portfolio of commercial properties in Milan’s Quadrilatero della Moda district and Florence, had been owned by Futura since late 2013.

The fund has returned more than 53% on its investments.

Alberto Matta, chief executive of Optimum Asset Management, said: “It is an investment that has generated an extraordinary performance.”

Matta said the vehicle’s assets had a low risk profile and an “extremely limited holding period”.