Italian REIT IGD sells Apple store in Bologna to UBS

Italian listed retail specialist IGD has completed the sale of a retail asset in Bologna to UBS Real Estate for €29 mln.

The property at Via Rizzoli provides 2,350 m2 of retail space over three floors leased to Apple Retail and another international retailer, slated to open by November 2015.

IGD purchased the complex in 2011 from Leggenda, part of clothing group Stefanel, for around €25 mln.

Marco Montosi, at Cushman & Wakefield who advised on the deal said: 'This acquisition highlights the depth of demand for key trophy assets. The high street market represents one of the most appealing asset classes for national and International investors, confirming the deep interest for Italian real estate products'.