The Italian arm of Dutch property company Redevco has acquired the landmark Rinascente retail property in the southern Italian city of Bari from a private investor for about EUR 50 mln. The 50,000 m[sup]2[/sup] Rinascente Building' is located in the city's prime shopping district Via Sparano and is Redevco's first high-street retail acquisition in the south of the country. Swedish fashion retailer H&M is the main tenant of the building which is undergoing redevelopment work.
The Italian arm of Dutch property company Redevco has acquired the landmark Rinascente retail property in the southern Italian city of Bari from a private investor for about EUR 50 mln. The 50,000 m2 Rinascente Building' is located in the city's prime shopping district Via Sparano and is Redevco's first high-street retail acquisition in the south of the country. Swedish fashion retailer H&M is the main tenant of the building which is undergoing redevelopment work.
'We will continue to invest in the Italian market and in this sector, building up long-term relationships with our tenants', portfolio manager Francesco Coviello said.
Redevco also announced the acquisition of a commercial building in Brescia from a private investor for over EUR 9 mln. The 4,500 m2 building is located at the Campo Grande Business Park in the in northern city. The property is leased to national furniture retailer Mondo Convenienza. Jones Lang LaSalle acted as exclusive adviser for marketing and in the subsequent sale. The acquisitions bring Redevco's portfolio of Italian properties to six.
Redevco, part of COFRA Holding, is an active developer and manager of a portfolio of predominately retail properties located in major cities in 20 European countries. The portfolio, which also includes some office buildings and logistics centres, comprises over 800 properties and has an estimated value of over EUR 7 bn.
