Tristan Capital Partners has acquired a 4,300sqm mixed-use asset in Italy for its core-plus fund.
The manager said the Curzon Capital Partners 5 LL (CCP 5 LL) fund bought the building in Florence’s city centre from a private investor for an undisclosed sum.
Progenia will act as operating partner for CCP 5 LL.
The asset comprises residential as well as retail space, with upside asset management potential.
Tristan said majority (75%) of the ground floor retail is occupied by French luxury goods firm Hermès. The remaining retail space is currently vacant.
Edoardo Crotta, director at Tristan Capital Partners, said: “This asset is located in the heart of the luxury retail precinct of Florence with high-end fashion stores. 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.”
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.”