10 October, Bebeez
AEW acquired for 22 million euro a building in Via del Corso a Roma on behalf of the European City Retail Fund. The property was sold by a private seller. AEW was assisted in the operation by K&L Gates, Prelios, Miel Capital and Studio Colombo.
H&M was the previous occupier of the building. The property has a commercial surface of 875 Sq m developed over five floors. It’s currently available and has great potential since Via del Corso attracts over 35.8 million visitors every year.
This is the second operation of the fund in Rome and the fourth in the Italian market, where its value amounts to over 100 million euro. Its latest acquisition in Italy was in December 2017, when the fund bought three properties in Via Torino 22 in Milan leased to the retailers Pandora, AW LAB and Pull&Bear for 44 million euro.
Christina Ofschonka, European Portfolio Manager Retail form AEW, commented: “This last acquisition by the fund is the proof that AEW can catch interesting opportunities and it demonstrates to have a deep knowledge of the sector. We keep identifying potential investments consistent with our niche strategy, offering both returns and growth potential of the capital on the long-term”.
The Europa City Retail fund invests in assets placed in advantaged positions in all the European capitals and main cities. Its last acquisition in Italy brings the portfolio to 12 assets in eight cities, including Rome, Madrid, Paris, Milan, Dublin and Helsinki, for a total value of about 520 million euro.
Translator: Cristina Ambrosi