Futura Investment Management, affiliated with Luxembourg's Optimum Asset Management, has sold the Italian closed-end fund Boccaccio to four prime European institutional investors.
The Boccaccio fund owns a portfolio of commercial properties valued at €226 mln, comprising 90% high street retail assets, of which three are located in Milan's prime fashion district 'quadrilatero della moda' with another in Florence's city centre.
Acquired in September 2013, the fund manager said that the gross capital gain achieved was in excess of 44% during the three year holding period, while the total return on the investment in Boccaccio (including the dividends paid from acquisition to disposition) exceeded 53%.
'It is an investment that has generated an extraordinary performance,' commented Alberto Matta, CEO of Optimum Asset Management, 'considering the low risk profile of the assets in the portfolio and the extremely limited holding period. This confirms that the manager is able to achieve significant positive results in its traditional markets (Germany and USA) and on an opportunistic basis in non-traditional markets.'
Legance – Avvocati Associati advised Futura on legal matters. The deal was closed off-market.
