Invesco Real Estate, the property arm of Invesco, and real estate manager Thor Equities have jointly acquired a high street corner retail asset in Madrid and a commercial space in Milan’s fashion district.
The two firms have acquired the 26 Via della Spiga in Milan for €125m.
The seven-story, 7,827 sqm mixed-use retail asset is located near Duomo Square in the center of Quadrilatero della Moda.
Andy Rofe, IRE’s managing director – Europe, commented : “Via della Spiga is an exciting opportunity for us as it represents a rarely-traded prime asset in an excellent location, which we believe could benefit from active management within the context of an improving market environment in Italy. We have selected a partner that can work together with our local team to actively manage and potentially create more value add for this asset and ultimately for our higher returning strategy.”
Joseph Sitt, CEO of Thor Equities, added : “The retail market and overall economy in Milan has held up very well, with retail rents remaining stable along prime fashion corridors including Via della Spiga, due in large part to the city’s emergence as a global gateway destination attracting European, U.S., Asian, and Middle Eastern consumers.”
A second acquisition has been made in Madrid by Invesco Real Estate and Thor Equities.
The 11 Puerta del Sol (pictured), acquired for €65m, measures 1,144 sqm and is located between Plaza Mayor and Gran Via, two of Madrid’s main retail and leisure destinations.
Rofe said “Spain is a key part of our client’s pan-European investment strategy. Puerta del Sol is an exciting opportunity for us as it represents a super prime asset, with flagship store qualities in a historic prime location, in Madrid.”
Sitt added : “11 Puerta del Sol is a premier asset situated in one of Madrid’s most popular destinations for both residents and tourists. The location will greatly benefit from the addition of the Canalejas Project, as well as growing demand for flagship retail space in the area.”
Invesco Real Estate bought both assets for one of its German-domiciled, pan-European separate accounts.
The company has $64.4bn (€58.5bn) of assets under management.