US-based private equity Group Thor Equities has completed the €125 mln acquisition of a 7,826 m2 luxury retail, office and residential property in Milan, representing its first investment into the Italian real estate market.
US-based private equity Group Thor Equities has completed the €125 mln acquisition of a 7,826 m2 luxury retail, office and residential property in Milan, representing its first investment into the Italian real estate market.
Thor joined forces with Invesco Real Estate (IRE) to carry out the deal.
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.
'Via della Spiga is an exciting opportunity for us as it represents a rarely-traded prime asset in an excellent location, which we believe could benefit from active management within the context of an improving market environment in Italy,' commented Andy Rofe, IRE’s managing director – Europe. 'We have selected a partner that can work together with our local team to actively manage and create more value add for this asset and ultimately for our higher returning strategy.'
Joseph Sitt, CEO of Thor Equities added: 'The retail market and overall economy in Milan has held up very well, with retail rents remaining stable along prime fashion corridors.'
