US-based private equity Group Thor Equities has made its first foray into the Italian real estate market with the acquisition of a 7,826 m2 luxury retail, office and residential property in Milan.

US-based private equity Group Thor Equities has made its first foray into the Italian real estate market with the acquisition of a 7,826 m2 luxury retail, office and residential property in Milan.

Financial details were not disclosed for the acquisition of the building at 26 Via della Spiga. However, well-informed market sources said Thor spent just over €160 mln on the asset.

Home to one of Dolce & Gabbana’s first stores, 26 Via della Spiga features more than 130 metres of retail frontage. The seven-story mixed-use building is located near Duomo Square in the heart of Quadrilatero della Moda, Milan’s fashion district.

Dolce & Gabbana occupies all 1,617 m2 of retail space on the ground and lower levels. The building also contains 3,102 m2 of office space, and 3,107 m2 of luxury residential space.

'The retail market and overall economy in Milan has held up very well, with retail rents remaining stable along prime fashion corridors including Via della Spiga, due in large part to the city’s emergence as a global gateway destination attracting European, US, Asian, and Middle Eastern consumers,' said Jared Hart, managing director of Thor Equities.

The purchase of 26 Via della Spiga in Milan continues Thor Equities’ recent European expansion. The company’s European holdings also include 102 Avenue des Champs-Elysees, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris, 9 Puerta del Sol in Madrid, as well as Bond Street House, 105-109 Oxford Street and the Burlington Arcade in London.