M&G Real Estate has carried out its first Italian investment in over 10 years with the acquisition of a high-street asset at Via Torino in Milan from local developer Pria Spa.
M&G Real Estate has carried out its first Italian investment in over 10 years with the acquisition of a high-street asset at Via Torino in Milan from local developer Pria Spa.
The deal is part of the group's core European investment strategy led by David Jackson and Simon Ellis.
Financial details were not disclosed. PropertyEU estimates the value of the deal in the region of €50 mln, based on the price per m2 in the area.
The asset is currently under development and includes 3,745 m2 of retail space in a 6,000 m2 building located at the corner of Via Torino and Via Della Palla.
The asset will be occupied by fashion group Teddy through its Terranova and Calliope brands with an 18-year lease. The opening is scheduled for spring 2015.
Top Investors
M&G Real Estate features in 9th place in PropertyEU's Top Investors ranking of dealmakers by transaction volume in 2014. Check out the Top Investors App for the ranking and background information on the top European dealmakers of 2014.
