has bought its first retail asset in Italy.
The investment manager said the Nuovo Borgo retail centre in Asti was bought for 鈧�51.5m for the manager鈥檚 core strategy.
The 16,976sqm asset was sold by for one of its pan-European core investment funds.
Gunther Deutsch, European head of transactions at , said: 鈥淭here is limited competition in the region, meaning the asset is a well established market leader in multi-tenanted retail in Northern Italy and is also well let to a strong mix of tenants.鈥�
The investment, Deutsch said, provides an attractive yield and opportunity to drive further value through a targeted asset management programme.
Tenants include Mediaworld, Calzedonia and Pandora.
The deal follows 鈥� first Italian investment .
