Grosvenor Fund Management (GFM) has acquired a 660 sq m retail asset on Via Torino, Milan on behalf of the Urban Retail V Fund. The Fund was launched in October 2014 to acquire high street retail assets in core cities across Europe.
The retail unit, located on one of Milan’s premier shopping streets, is currently let to sports brand AW Lab, together with Bata, one of the international brands owned by footwear company Compar. It comprises ground floor and first floor retail, with basement and lower basement retail storage.
Commenting on the acquisition, Giles Wintle, Chief Investment Officer, Grosvenor Fund Management said: “This second acquisition on via Torino for Urban Retail V reflects our commitment to the Italian retail market, in which we have been active for over ten years. The Fund's strategy is to invest in assets in vibrant city center locations and Via Torino is a dynamic retail destination that is perfectly aligned with that strategy. Over time, we will use our extensive retail asset management expertise to improve the retail experience, adding value for the retailers and our investors.”
Urban Retail V, GFM’s fifth high street retail vehicle, is capitalised by the Grosvenor Group and a North American investor. The Fund has a total investment capacity of circa €400m.
GFM currently has over €3bn of assets under management in Europe, including a portfolio of 32 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.
For more information contact:
Hamish McDougall/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. We create high-quality places for people to enjoy and which use resources sustainably.
Grosvenor Fund Management
Our fund management business aims to create value for investors, shareholders and staff by creating compelling investment strategies that are expertly implemented. Building on our recognised skills and track record, we focus on urban property, often mixed-use and with a retail focus, in cities and locations whose vibrancy will endure. We select high-quality assets and manage them vigorously. We treat our tenants, as well as our investors, as partners, building close and mutually beneficial relationships that draw on Grosvenor’s long experience in real estate. We work best with clients who, like Grosvenor, have a long-term view of investments while being alert to the potential of short-term opportunities to enhance returns. As at 31 December 2014, assets under management were £3.0bn with 59 investor partners in 21 property funds, club deals and separate account mandates.