Savills Investment Management has launched a €300m (£255m) Italian retail fund.
The Mercury Fund will target retail assets with long-term leases in central and northern Italy on behalf of CONAD, a consortium of Italian retailers, and Gruppo Cattolica Assicurazioni, an Italian insurance company.
A €170m preliminary loan has been granted by two Italian banking groups, Banca IMI and Unicredit.
Giuseppe Oriani, managing director of the Savills IM Italian subsidiary SGR, said: “We are proud to have actively contributed to the development and execution of this important project, which consolidates over 12 months of work and underlines our reputation as an independent operator with highly specialised resources and a long-term strategic vision.
“It represents a significant milestone for our activities in Italy, which traditionally were focused on the development of initiatives aimed mainly at foreign investors in the Italian market.”
The launch follows a €500m fund launched by Savills in May for prime German retail.
Savills IM launches €500m prime German retail vehicle
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