CBRE GIP buys Italian retail portfolio for €120m

The subsidiary of real estate investment management firm CBRE Global Investors has picked up a string of urban retail assets across northern Italy in a deal which was sourced by Triuva, the firm formerly known as IVG Institutional Funds. 

CBRE Global Investment Partners (GIP), the subsidiary of real estate investment management firm CBRE Global Investors, has acquired a portfolio of nine Italian high street retail properties for €120 million on behalf of an unnamed Dutch institutional investor.

The assets were sourced on behalf of CBRE GIP by Frankfurt-based real estate investment manager Triuva, which was formerly known as IVG Institutional Funds before a name change in 2015. The portfolio was acquired from Rome-based real estate investment manager Beni Stabili through a fund managed by Savills Investment Management.

The portfolio comprises high street properties in the city centers of Bologna, Padua, Vicenza, Cuneo, Pisa, Novara, La Spezia and Treviso. Triuva said a number of the assets date back to the 19th Century, while three of them are listed by the Italian Cultural Heritage office. All nine properties have been recently refurbished and are occupied by tenants including high street chains Zara, H&M and LVMH.

“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,” said Wenzel Hoberg, chief executive officer at Triuva.

Advising Triuva and CBRE GIP on the transaction were Savills, Arcadis, DLA Piper and Linklaters.

Triuva targets core office, retail and logistics properties and had around €10 billion of assets under management, as of March 31, 2017.