US-based investor Blackstone is in exclusive negotiations to acquire the Franciacorta Outlet Village in Rodengo Saiano near Brescia in Northern Italy, PropertyEU has learned.
US-based investor Blackstone is in exclusive negotiations to acquire the Franciacorta Outlet Village in Rodengo Saiano near Brescia in Northern Italy, PropertyEU has learned.
The asset is owned by Aberdeen Asset Management which inherited it from Degi at the time of the acquisition of the German unit in late 2007.
According to PropertyEU's research data, Degi Grundwert-fonds invested €204 mln to buy the asset in January 2007. The asset is currently owned by the Degi Europa open-ended fund in liquidation and was last valued at €156 mln at end-March 2013, although it is believed to be selling for a sharp discount to valuation, or a price of some €130 mln.
The outlet centre, located 80 km from Milan and Verona, is being sold through broker Jones Lang LaSalle. The scheme has 150 shops with a total lettable area of 21,700 m2. Tenants include Levis, Nike, Benetton and Calvin Klein.
Market experts say the deal - if successful - would mark the return of opportunistic investors to the Italian property market.
All parties declined to comment.
Aberdeen Asset Management is stepping up its sales programme for the Degi funds. Last week the company sold the Theodor-Heuss-Allee 112 office building in Frankfurt on behalf of its Degi Europa open-ended fund in liquidation.
In early May, Aberdeen also divested two assets located in the Bodio Center business park in Milan.
Global investment manager AXA Real Estate Investment Managers bought the office buildings in Milan for €64 mln. According to sources of PropertyEU, the acquisition reflected a yield of 10.5%.
The buildings comprise 24,000 m2 of lettable area and are fully let to tenants across several industry sectors.
