Atlantica Properties, a vehicle created by Italy's Rovati family to invest in real estate, has bought a trophy mixed-use asset in the centre of Rome from InvestiRE SGR.
The total investment volume was not revealed, but InvestiRE's advisors, Cushman & Wakefield, said it was the second biggest deal in the capital this year.
'The competitive procedure that we managed on behalf of InvestiRE SGR has proven that Rome has finally come back on the investor’s radar, as well as how much interest there is for prime properties with potential for future valorization,' commented Carlo Vanini, head of Capital Markets Italy for Cushman & Wakefield.
'Opportunities such as this are rare, if not unique, and the value that the market confirmed has proven this: Augusto Imperatore is the second biggest transaction in terms of volume since the beginning of 2016, bringing the total volume of transactions in the capital to circa €600 mln - an increase of +36% compared to the total volume of 2015.'
The 1930s building, which backs onto Rome's via del Corso shopping street, represents 14,000 m2 of offices and retail leased to the Agenzia del Demanio, including a number of restaurant tenants and international fashion brands on the ground floor. InvestiRE sold the asset on behalf of Fondo FIP - Fondo Immobili Pubblici.
According to Cushman & Wakefield, the deal process started in June and several non-binding offers were received.
