A fund advised by real estate investment manager Meyer Bergman has acquired one of the largest stores on Milan’s Corso Buenos Aires, the Italian fashion capital’s principal shopping street for mass market brands. The terms of the purchase from the private property company Porta Rossa are not being disclosed.
Meyer Bergman European Retail Partners III (MBERP III), the value-add property fund that is currently capital-raising, has purchased value-for-money retailer Upim’s store at 33-37 Corso Buenos Aires. The property consists of the ground and first floors of three adjoining buildings and comprises a total of 3,750 sq.m. of space. The buildings’ upper floors, which are mainly in private residential use, are not included in the transaction.
Paulo Sarmento, Principal at Meyer Bergman, said: “This is the second investment on Milan’s longest shopping street by our funds. Corso Buenos Aires suffers from a chronic shortage of middle to large retail units for new and international brands looking to locate there. This is a recurring prime High Street investment theme that our funds have pursued in the centres of key cities across Europe.”
Corso Buenos Aires is the main arterial road that runs northwards for more than 1 kilometre from Porta Venezia in the historic centre of Milan to another of the city’s main squares, Piazzale Loreto. The street has evolved into the city’s busiest for High Street brands, which include the stores of Zara, H&M, Nike, Furla, Desigual, Lacoste, Bershka, Oviesse and Benetton. A predecessor fund acquired 59 Corso Buenos Aires and 2, 4 and 6 Via Errico Petrella in January 2016.
MBERP III’s other High Street investments to date include a portfolio of prime assets in the historic heart of Oslo, properties in central Dublin adjacent to Trinity College and the city’s main retail pitch of Dawson Street, and the historic Topas Arkade building on Berlin’s Friedrichstrasse. It has also acquired a diverse portfolio of retail properties across France and the Tesco Superstore site in London’s Kensington neighbourhood for redevelopment.
Specialists advising the fund on the purchase were Rustioni & Partners, Hilex, Proima and PwC.
Source : Company