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Aberdeen Asset Management plans to transfer ownership of some EUR 200 mln worth of retail property assets in Italy to a new fund for institutional investors.

The global investment manager is joining forces with the country's largest fund manager, IdeaFimit Sgr, to restructure the properties into a vehicle which will be invested by local institutions. 'We would like to bring in a wider spread of institutional investors and we are working closely with IdeaFimit on this,' Andrew Smith, Global head of Aberdeen's Property Division told PropertyEU.

The package, known as Emporion, initially includes Le Colonne mall in Brindisi and the Valdichiana retail outlet in Tuscany. The assets were acquired by Degi International and Degi Global Business open-ended funds for retail investors in 2006 and 2007. Both funds are being liquidated.

Valdichiana Outlet Village provides 30,700 m² of GLA space with 132 shops, and is 96% let. According to the Degi International fund's 2011 annual report, the asset had a value of EUR 150 mln at year-end 2011.

Le Colonne was bought in May 2007 for EUR 73 mln from Alisette, a consortium comprising the Italian retail developers Coopsette and Aligros. With a total of 60 shop units, the mall offers 12,000 m². In addition to Le Colonne and Valdichiana, the transfer of a further asset, the Borgogioso shopping centre in Carpi, Northern Italy, is currently being evaluated.

Speaking at a conference organised by DLA Piper during the Expo Italia Real Estate fair in Milan, Smith said that the company sees opportunities in talking to the Italian institutions not only about this portfolio but also about investing abroad. 'We know some Italian investors are looking to invest outside their home market to diversify their portfolios,' Smith said.

In total, Aberdeen has around EUR 1bn of assets under management in Italy, which it inherited with the acquisition of German open-ended fund manager Degi four years ago.