Global asset management firm Henderson Global Investors said on Monday that it has raised EUR 60 mln in equity from an institutional investor at the first closing of its Italian fund Azzurro. Subsequently, the core plus fund carried out four acquisitions totalling EUR 145 mln.

Global asset management firm Henderson Global Investors said on Monday that it has raised EUR 60 mln in equity from an institutional investor at the first closing of its Italian fund Azzurro. Subsequently, the core plus fund carried out four acquisitions totalling EUR 145 mln.

Azzurro acquired Le Robinie, a 7,600 m2 shopping gallery and an adjacent 15,000 m2 retail warehouse near the Northern Italian city of Brescia. Le Robinie, anchored by a Bennet hypermarket, opened in October 2006 while the full development is due to open in the fourth quarter of 2008. Additionally, Azzurro secured a new 13,000 m2 retail warehouse in Ancona and a 29,000m2 shopping centre under construction in Castrofilippo. The mall is due to open in September 2008 and is anchored by a 7,500 m2 Carrefour hypermarket.

In addition, the fund has EUR 101 mln worth of assets under exclusivity agreements and another EUR 316 mln of property under negotiation. Marketing for Azzurro commenced in the third quarter of 2007 with a target to raise EUR 250 mln of equity. The closed-ended fund is targeting a size of EUR 500 mln and an Internal Rate of Return (IRR) of 8.5% over its ten-year life term.

Henderson said the Italian retail market has favourable supply and demand dynamics. 'The lack of quality retail offering and increased retailer demand means that, relative to other European countries, this market has good rental growth prospects', the company said.

Henderson believes that the good prospect of Italy's retail sector is mainly due to the country's amount of retail provision per capita, which remains among the lowest in Europe, and a significant shift from the traditional high-street shopping to shopping centres and retail warehouses.

'We are excited by the Italian property market, particularly retail, which we expect to continue to grow over the next few years, with rental growth and yield trends remaining strong relative to other European markets', said Neil Varnham, director at Henderson Global Investors.