Paris-based fund manager AEW has acquired a retail asset in central Rome from a private vendor on behalf of its City Retail Fund.
Financial details were not disclosed. The transaction is the first Italian acquisition for the fund which launched in November 2015 and has since raised €215 mln from several institutional investors.
The 315 m2 asset, acquired from a private vendor, is located on Via del Corso, one of the busiest shopping areas in Rome with a footfall of roughly 35 million people per year. The property is currently let to Diesel on a 6+6 year lease.
AEW’s City Retail Fund has a mid-term fundraising target of up to €400 mln, which, with a maximum LTV ratio of 50%, will provide the fund with a total investment capacity of up to €800 mln.
Including the Rome asset, the fund has to date acquired five high-street retail assets in Copenhagen, Madrid and Rome and a number of other acquisitions are in the pipeline.
AEW was advised on the transaction by Lombardi Molinari Segni e Associati and Miel Capital.
