Franchising, retail, business
11/01/2016
A fund advised by real estate investment manager Meyer Bergman has acquired four vacant buildings with prime corner frontage onto fashion capital Milan’s longest shopping street, Corso Buenos Aires, which it plans to redevelop.
The terms of the purchase are not being disclosed. Paulo Sarmento, Principal at Meyer Bergman, said: “This investment fits perfectly with the fund’s strategy of targeting High Street properties in the main retail destinations of Europe’s major cities. Offering an extensive façade on Corso Buenos Aires, this is a tremendous redevelopment opportunity, since large retail units are in such short supply on this major shopping street.”
Meyer Bergman European Retail Partners II (MBERP II), the value-add property fund that closed for capital-raising in the third quarter of 2014, acquired 59 Corso Buenos Aires and 2, 4 and 6 Via Errico Petrella from two companies owned by institutional shareholders. The block of four buildings comprises a total of 26,000 sq.m. of space, two thirds of which are apartments.
This was the Fund’s final acquisition. MBERP II’s other High Street investments include assets on Paris’s avenue des Champs Elysées, London’s Bond Street and Piccadilly, Oslo’s Grensen and Copenhagen’s Købmagergade. It has also already disposed of a building acquired on Madrid’s Calle Serrano.
Rustioni & Partners and Hilex provided MBERP II with the retail and legal advice respectively, while Sansedoni Siena SpA and Gianni Orrigoni Grippo Cappelli & Partners provided the vendors with the real estate and legal advice respectively.
Meyer Bergman is a privately held real estate investment management firm. It advises three closed-ended, value-add real estate funds with a total of approximately €4 billion of assets on behalf of global institutional investors. The firm is headquartered in London.
Meyer Bergman targets under-managed or under-utilised retail properties across major markets in Europe, typically in off-market transactions sourced through its extensive network. It manages these actively to deliver attractive returns to its investors, which include leading pension funds, sovereign wealth funds, endowments and asset managers.
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