Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has acquired a 4,300 m2 GLA mixed-use asset in Florence, Italy in an off-market deal from a private investor.
Financial details were not disclosed.
The property, which is located in the historical centre at the northern end of upmarket shopping street Via de Tornabuoni, comprises residential and retail space.
Tristan said that the asset, whose groundfloor retail units are 75% let to French luxury brand Hermès, had 'upside asset management potential'.
'This asset is located in the heart of the luxury retail precinct of Florence with high-end fashion stores,' said Edoardo Crotta, director at Tristan Capital Partners.
'We see ample opportunities for active asset management in the retail space and plan to modernise the residential units through refurbishment. Due to its flexible layout the property provides further business plan optionality for the upper floors,' Crotta added.
Progenia, a real estate consulting firm, will act as operating partner for CCP 5 LL.
Giovanni Belloni, CEO at Progenia, said: 'This property is located in one of the most prestigious areas in the city centre of Florence.
'In addition to the presence of luxury retailers, the area is characterised by many palaces which also attract a high footfall from both tourists and locals. This is a very attractive location for a mixed-use property of this type. Our aim is to create one of the most attractive luxury assets of Florence’s city centre.'
