The portfolio features nine properties in historic city centres including Bologna, Pisa and Vicenza, and was sourced by TRIUVA, the German pan-European real estate manager.
All of the properties have been recently refurbished, several of which date back to the 19th century. Current occupiers include H&M, Zara and luxury group LVMH.
This is TRIUVA’s second retail investment in Italy after purchasing the flagship Apple and Moncler store in Florence in 2016.
Wenzel Hoberg, CEO at TRIUVA, said: “After broadening our investor relations activities towards non-German clients, this first transaction for CBRE GIP can be seen as a stamp of approval by a highly respected investment manager. The successful raising of new capital clearly 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.”
He added: “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.”
TRIUVA structured the acquisition through a fund managed by Savills Investment Management and will act as its exclusive adviser.