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AXA Investment Managers – Real Assets (“AXA IM – Real Assets”) has completed, on behalf of its clients, the acquisition of a high street retail asset located in the heart of Turin and on one of the main retail streets in Italy, for €23 million.
The property has a total surface of c. 3,500 sqm spread over ground and basement floors. Fully refurbished and delivered in March 2017, it is fully let on a long-term basis to two strong covenants, one of which is a major international sporting goods retailer and the other an Italian apparel retailer. The size of the transaction and its key features should provide the investment with a strong liquidity on the market.
The property is centrally located on the prime Lagrange Street, a few steps away from Porta Nuova railway station, benefiting from high visibility and excellent access to public transport connections. The area benefits from an urban setting characterized by a mix of residential assets and a variety of bars and restaurants.
This acquisition provides AXA IM – Real Assets’ clients with access to Italy’s highly sought high street retail market and is in line with its strategy to invest in core assets in major European cities and to establish diversified portfolios by sectors and countries. AXA IM – Real Assets focuses on assets in well-established locations, with good building specifications, let to tenants with strong covenants. Diversification at asset, geographic and sector level is intended to provide the ability to manage real estate cycles and to generate long-term stable income for the benefit of clients.
Source : Company