Barings Real Estate Advisers has acquired a 28,000sqm retail park in Italy for its European core property fund.

Barings, which didn’t disclose any financial details, said it bought Parco Fiore from an Italian SGR in an off-market transaction.

The investment is being made through European Core Property Fund Italy, an alternative investment fund managed by Kryalos SGR.

Barings said the acquisition of the asset, located near Conegliano, North West of Treviso in North East Italy, will be completed in two phases.

Barings has completed the first phase, of 23,000sqm of space two lots comprising 10 unit, which fully let and operational.

The second phase, which comprises the acquisition of two additional lots comprising around 5,000sqm that are under construction, is expected to be closed during 2018 once the units are fully let.

Gunther Deutsch, managing director and head of investment transactions for Europe at Barings Real Estate Advisers said:  ”We are committed to growing our Italian platform and securing further acquisitions for our clients, targeting Northern Italy and with core to value add strategies.

”Our main focus will be on office in Milan, retail and logistics across the whole northern Italian region as well as high street retail in its B cities. We are also able to look into forward transactions and forward funding developments.”

In March this year, the real estate investment manager raised more than €500m for its pan-European core open-ended property fund.