Interno Calliope Via Torino - Merope Asset Management
Opening ceremony of the Via Torino building
22 Maggio 2015
Progetto Via Torino - Milano - Merope Asset Management
LONDON – 17th March, 2015

M&G Real Estate Invests in Prime Italian High Street Retail.

M&G Real Estate, the real estate fund management arm of M&G Investments, has acquired the corporate entity holding a prime high street retail asset in central Milan from. The asset will become part of M&G Real Estate’s core European property strategy, managed by David Jackson and Simon Ellis.

The 3,745 sqm asset, which is currently under development, is situated at the junction of Via Torino and Via Della Palla, one of the prime commercial locations in Milan’s city centre and home to a mix of national and international retailers. Expected to be open for business in Spring 2015, it will become one of the largest and prominent retail units in central Milan. Teddy SpA, a leading European fashion retailer, has signed two leases and will use the property to house its new headquarters, from which it will operate flagship stores under its Terranova and Calliope brands.

Commenting on the acquisition, David Jackson says:

“We are very pleased to have acquired this high quality asset. The tenant’s strong credit rating and the long lease provide a good defensive income and the excellent retail location aligns with our strategy of increasing our exposure to the retail sector and further diversifying our country exposure.”

Pietro Croce adds:
“This deal shows how prime and high quality developments in Italy can attract international players both on the leasing side and the investment side - we are pleased to feel renewed interest in our market. VOLARE the SPV dedicated to this development was structured as a Club Deal of 17 prime Italian family offices. The disposal perfectly matches our strategy of investing in high quality Italian assets that meet the expectations of international institutional investors such as M&G Real Estate.”