Italian fund manager Sorgente Group has acquired three department stores leased to fashion group Coin on behalf of its Tiziano Comparto San Nicola fund.
Italian fund manager Sorgente Group has acquired three department stores leased to fashion group Coin on behalf of its Tiziano Comparto San Nicola fund.
The transaction price amounts to around €77 mln.
The properties, all located in Milan, are let with a 24-year term through 2029.
Following the deal, Tiziano Comparto San Nicola owns a total of five assets and is 50% invested in hotel properties and 50% in commercial assets.
Sorgente is a business partner of Coin Group, having acquired another 13 stores in the past through its Michelangelo Due investment vehicle.