Grosvenor Fund Management (GFM) has acquired a high street retail unit at 22 Via Torino, Milan, Italy, from a Fund managed by an institutional SGR, on behalf of Urban Retail V. The acquisition is the second for the fund, following the acquisition of a high street retail portfolio on London’s Kensington High Street earlier this month.
Commenting on the acquisition, Giles Wintle, Regional Director, Grosvenor Fund Management, Europe said:
“We are pleased to mark the second acquisition of this new high street retail vehicle and continue to grow our core business of investing and managing urban environments where people want to live, work, learn and relax. Our strategy seeks to maximise value by proactive management of the real estate, always focused on improving the fortunes of our retailers. Via Torino is a good example of a vibrant retail street in the center of Milan."
Current tenants in the 1,100 sqm building are the fashion brand Pull & Bear and local Italian jeweller CIP. The building has recently been refurbished to include high-end residential apartments on the upper floors.
The property also benefits from a geothermal energy production system, rather than traditional methods of heating and cooling, making it a highly sustainable and cost-efficient building for tenants.
Urban Retail V is Grosvenor’s fifth high street retail investment vehicle and focuses on core cities in UK, France, Belgium, Sweden, Finland, Denmark, Italy and Spain. The vehicle is capitalised by The Grosvenor Group and one of GFM’s existing Canadian investors to produce an initial total investment capacity of circa €400m.
GFM currently has approximately €3bn of assets under management in Europe, including a portfolio of 31 historical buildings in the heart of Lyon’s city centre in France and Liverpool ONE in the UK. GFM’s focus is on adding value for investors through active asset management, with funds outperforming their INREV Index peer benchmarks.
Grosvenor has been active in the Italian real estate market since 2005 and opened an office in Milan in 2006, with a local team actively managing assets in the region and sourcing investment opportunities.
For more information contact:
Sorrel Basher, Press Office
020 7312 6101
Notes to Editors
Grosvenor Fund Management offers a range of sector and region-specific property investment vehicles, with a focus on European urban retail and London offices, which aim to deliver attractive, risk-adjusted returns and a high level of client service. Operating from 12 offices in the USA, Europe and Asia, we employ 102 professionals with local knowledge and skills to execute our strategic investment decisions and create value for our investors. As at 31 December 2013, assets under management were £3.2bn with 66 investor partners in 26 property funds, club deals and separate account mandates. For further details, please see our Annual Review available at www.grosvenor.com