M&G Real Estate JV to acquire largest retail park in Italy
M&G Real Estate and GWM Group have signed a deal to acquire Market Central Da Vinci in Rome for €208 million ($234 million).
The deal marks the largest single European acquisition made by the global real estate fund manager. Under the terms of the deal, M&G Real Estate will be majority shareholder.
The retail park totals more than 609,000 square feet and is fully let.
The deal follows €190 million ($214 million) of acquisitions already completed by the partnership in the first half of 2016, including two offices in Paris and Barcelona, as well as an office and high street retail asset in Copenhagen.
The retail high street market continues to be a strong interest on behalf of both private and institutional investors with growing consideration also for secondary cities, according to Cushman & Wakefield’s Italy: Retail Market Snapshot Second Quarter report. Most transactions in the second quarter took place i