French asset manager Corum Asset Management has purchased a nine-asset portfolio of retail real estate assets in Italy for €89 mln from BNP Paribas REIM, acting on behalf of the Venti M Fund.
'The Italian real estate market continues to attract international capital, which currently represents more than 70% of retail investment in the country,' commented Silvia Gandellini, head of Retail Investment Properties at CBRE Italy, which advised BNP Paribas.
The assets are let to Metro Italia Cash & Carry S.p.A., and are located across Italy in the north (Ventimiglia, Surbo, Curtatone), centre (Rimini, Castel Maggiore, Modena, Parma, Osimo) and south (Misterbianco).
'This portfolio drew a lot of attention from investors across Italy, and was characterised by long cash flows guaranteed by a tenant of high international standing,' concluded Gandellini.
