Global real estate manager AEW has acquired two retail assets in Dublin and Milan for its City Retail FUnd for a total of €39 mln.
In Dublin, AEW has acquired a 958 m2 prime high street retail asset for around €20 mln at 442-43 Henry Street. In Milan, AEW has acquired Via Torino 22, an 851 m2 prime retail asset in the centre of the city for €18.5 mln.
'These most recent acquisitions for City Retail mark the fund’s first acquisitions in both Milan and the Republic of Ireland, further diversifying the fund’s geographic spread,' said Christina Ofschonka, fund executive of the City Retail Fund.
The Dublin property (pictured), in one of the two main pedestrianised high street retail locations in the Irish capital, is fully let to the Arcadia Group, trading as Evans. The Milan asset is fully let to Japanese retailer Muji, which is due to take occupancy in September 2017. The property is situated in one of Milan’s prime retail locations in close proximity to the Piazza Duomo.
'Having passed the initial fundraising target of €400 mln, we have now closed on €465 mln of commitments, which we are deploying at a steady rate and currently have a number of investment opportunities in the pipeline that will allow us to both grow and further diversify the fund’s portfolio,' concluded Ofschonka.
At end-March 2017, AEW managed €26.6 bn of real estate assets in Europe on behalf of a number of funds and separate accounts.
In the last five years, AEW has invested and divested a total volume of over €17.5 bn of real estate across European markets.
