Tristan Capital fund buys mixed-use Florence asset

Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has acquired a 4,300-square-meter (46,284-square-foot) GLA mixed-use asset in the city center of Florence, Italy, in an off-market deal from a private investor. A price was not disclosed.

The asset comprises residential as well as retail space, with upside asset management potential.

The property is located in the historical center at the northern end of Via de Tornabuoni overlooking Piazza degli Antinori and adjacent to the Palazzo Antinori. Roughly 75 percent of the ground-floor retail space is occupied by Hermès. The remaining retail space is currently vacant.

“We see ample opportunities for active asset management in the retail space and plan to modernize the residential units through refurbishment,” said Edoardo Crotta, director at Tristan Capital Partners. “Due to its flexible layout, the property provides further business plan optionality for the upper