Italian asset manager Kryalos has announced the acquisition of the Bicocca Village mixed-use complex in Milan through its newly-launched Arcimboldo fund for a price said to be around €60 mln.
The complex, with a gross lettable area of 41,775 m2, is multi let to around 60 tenants and includes a retail and entertainment center over three storeys including an UCI multiplex and a Virgin Active gym as well as the so-called Bicocca gate with retail, office and parking space.
The new Arcimboldo fund is invested by Hayfin Capital Management LLP and focuses on retail property investments.
Paolo Bottelli, CEO of Kryalos SGR said: 'This acquisition represents an important signal for the retail market which is recording a recovery in transactions compared to previous years, and an important challenge to further enhance an entertainment center with a long track record like Bicocca Village, leveraging the strong skills gained over the years by our team.'
