Italian asset manager Fabrica Sgr's Cicerone real estate fund has made its first foray outside its home market with the purchase of a retail asset at Piccadilly Street 203-206 in London's West End.
Italian asset manager Fabrica Sgr's Cicerone real estate fund has made its first foray outside its home market with the purchase of a retail asset at Piccadilly Street 203-206 in London's West End.
Cicerone, which was advised by CBRE Global Investors on the deal, acquired the asset from European investor Meyer Bergman for £92 mln (€121 mln).
The Art Déco property is currently the Headquarters of bookstore Waterstones.
Law firm Legance - Avvocati Associati, Nabarro, Mourant Ozannes, Houthoff Buruma, Nunziante e and advisor Lunson Mitchenall acted for the buyer.
Cicerone is invested by the Italian pension fund for lawyers Cassa Forense and currently owns 32 assets valued at €665 mln.
'This operation abroad confirms the fund's commitment to build up a pan European portfolio able to meet the investor's diversification needs as well as its risk-return profile,' commented Fabrizio Caprara, CEO of Fabrica SGR, the real estate asset management arm of construction Group Gruppo Caltagirone and bank Monte dei Paschi di Siena.
Fabrica manages a total of 14 funds with assets of €3.5 bn.
