A fund advised by real estate investment manager Meyer Bergman has acquired a high-street retail asset in Milan from private property company Porta Rossa.
The transaction terms were not disclosed.
Meyer Bergman European Retail Partners III (MBERP III), the value-add property fund that is currently raising capital, has purchased value-for-money retailer Upim’s store at 33-37 Corso Buenos Aires. The property consists of the ground and first floors of three adjoining buildings and comprises a total of 3,750 m2 of space. The buildings’ upper floors, which are mainly in private residential use, are not included in the transaction.
'This is the second investment on Milan’s longest shopping street by our funds. Corso Buenos Aires suffers from a chronic shortage of middle to large retail units for new and international brands looking to locate there. This is a recurring prime high street investment theme that our funds have pursued in the centres of key cities across Europe,' commented Paulo Sarmento, principal at Meyer Bergman.
A predecessor fund of Meyer Bergman acquired 59 Corso Buenos Aires and 2, 4 and 6 Via Errico Petrella in January 2016.
MBERP III’s other High Street investments to date include a portfolio of prime assets in the historic heart of Oslo, properties in central Dublin adjacent to Trinity College and the city’s main retail pitch of Dawson Street, and the historic Topas Arkade building on Berlin’s Friedrichstrasse. It has also acquired retail properties across France and the Tesco Superstore site in London’s Kensington neighbourhood for redevelopment.
Specialists advising the fund on the purchase were Rustioni & Partners, Hilex, Proima and PwC.
