Dutch private equity group Redevco has sold its Italian property portfolio as part of its strategy to concentrate on its core European markets.
Dutch private equity group Redevco has sold its Italian property portfolio as part of its strategy to concentrate on its core European markets.
Redevco has announced the sale of its Rinascente building, a 5,000-m2 landmark retail property in the Southern Italian city of Bari, to a private investor. The building, purchased by Redevco in 2007, is located in the city's shopping area, Via Sparano, and is currently leased to H&M and Oviesse.
In the north of the country Redevco has divested a 4,800 m2 retail unit close to the historic city centre of Alessandria to Foncière LFPI Italy, a company sponsored by Lazard. The property is leased to MediaMarkt, operating as MediaWorld.
These two transactions, together with the sale last year of a former Redevco property in Brescia and a further sales agreement about to be executed on its sole remaining property in Italy, completes Redevco's strategy to exit Italy and to further streamline the organisation and the efficiency of its operations.
'Putting into effect our strategy of focusing on our key markets in Europe - markets where we have sizeable portfolios - we have successfully concluded our exit from Italy. The current economic climate posed an extra challenge, but the quality of our portfolio and our teams has allowed us to do so to our satisfaction,' said Redevco's COO Javier Hortelano.
