FIEEP fund buys Venice retail asset for EUR 30m

Italian real estate fund FIEEP has acquired a retail property in a principal shopping street near the Piazza San Marco in Venice for EUR 30 mln.

The building provides 1,680 m² over five floors. The main tenants are retailer Burberry and bank Intesa Sanpaolo.

The vendor was the RealShop fund managed by Italian fund manager EstCapital. RealShop realised a 14.3% capital gain on the disposal.

EstCapital is an independent fund manager, specialised in closed-ended funds for institutional and private investors. The total volume of funds managed by EstCapital comes to more than EUR 1 bn, which with leverage has a total investment potential of EUR 2 bn. The firm currently has EUR 1.6 bn of assets under management.

FIEPP (Real Estate Fund of Public Security Professionals) has the capacity to invest up to EUR 1 bn in high-end properties in major Italian cities. The fund is managed by Rome-based fund manager Investire Immobiliare.