CBRE Global Investors, acting on behalf of its clients, has acquired H&M's flagship department store in Milan for an undisclosed price.
The vendor was Sviluppo Immobili Milano Centro, a company belonging to the Real Estate Group headed by Giuseppe Statuto.
The 9,088 m2 mixed-use property at Piazza Duomo 25 was previously a hotel, and has been converted into retail and offices. The retail element consists of 4,200 m2 from the ground to third floor, let to retailer H&M on a 22-year lease. This is H&M’s flagship store in Milan and the second largest in Italy.
The remaining 4,888 m2 over the fourth to seventh floor is office space which is currently vacant, and will undergo repositioning under its new owner.
Sandro Campora, country manager Italy, CBRE Global Investors commented: 'This asset is a truly magnificent building and is an excellent example of classical 19th-century architecture. We have secure income with a quality tenant, H&M, and following our plan to restore floor four to seven, we will be looking for tenants of equal calibre to occupy the office space.'
Alberico Radice Fossati, transactions manager Italy, CBRE Global Investors, added: 'We secured this asset in an off-market deal and it is a rare opportunity to acquire a historical building in the best location in Milan. This is the first entry into Italy for these clients and we believe that this is an exceptional asset to add to the existing portfolio.'
CBRE Global Investors was advised by CBRE Italy, Chiomenti, Deloitte and Ramboll.
