AEW acquires fourth Italian market
AEW has acquired a high street asset located on a key shopping street in central Rome on behalf of the Europe City Retail Fund.
The €22 million ($25 million) investment marks the fund’s second acquisition in Rome and its fourth in the Italian market, where the value of the fund’s assets now exceeds €100 million ($115 million).
The asset, which is on the prestigious Via del Corso, has been acquired from a private seller.
Having previously been occupied by H&M, the unit, which comprises 875 square meters (9,418 square feet) of retail space over five floors, is currently vacant providing significant asset management potential.
Via del Corso attracts significant footfall, with more than 35.8 million visitors annually. It is one of Rome's main retail streets stretching 1.5 kilometers (.93 miles) from Piazza del Popolo to Piazza Venezia, a historic area characterized by narrow alleys and small squares.
The Europe City Retail Fund focuses on acquiring high quality, income producing assets in prime locations across Europe’s capital and tier one cities.
The latest acquisition in Italy brings the fund’s portfolio to 12 assets across eight cities, including Rome, Madrid, Paris, Milan, Dublin and Helsinki, with a total value of €520 million ($598 million).
