TRIUVA has invested €120m in an Italian high street retail portfolio for a Dutch institutional investor.

The German fund manager said it had sourced a portfolio of nine properties and that the investor was a client of CBRE Global Investment Partners (CBRE GIP).

Triuva said the purchase was structured through a new fund established and managed by Savills Investment Management. Triuva will advise the fund exclusively.

The portfolio was sold by Italian companies RES and Beni Stabili.

Wenzel Hoberg, CEO of Triuva, said it was the first investment made on behalf of CBRE GIP, the multi-manager arm of CBRE Global Investors.

The deal follows work by Triuva – formerly IVG Institutional Funds – to work with investors outside Germany.

Hoberg said it ”underlines our capabilities to expand our investor base throughout Europe.”

Chris Linney, head of asset management at Triuva, said: “This exceptional portfolio of prime assets generates a secure and stable cash flow through long-term leases, which is very attractive to investors.

“Regional Italian cities have performed well supported by higher than average purchasing power.

”We expect to see some opportunities to add value to these properties through targeted asset management.”

The portfolio includes properties in Bologna, Padua, Vicenza, Cuneo, Pisa, Novara, La Spezia and Treviso.

Tenants include high street fashion chains Zara and H&M, and fashion group LVMH.

The portfolio is the second retail investment in Italy in the past 12 months by Triuva, following a deal to buy the Apple store in Florence last month.