Degi’s Global Business Fund has struck its first Italian deal with the €73m purchase of a shopping centre.
The fund bought the 12,000m2 Due Colonne centre in Brindisi, southern Italy, from the Alisette joint venture between Italian developers Coopsette and cash-and-carry retailer Aligros. Yields were not given for the centre, located in an area not frequented by international real estate investors. But a source put the yield at around 5.8%. The centre is next door to Carrefour and its 60 units are fully let to Benetton and Zara, among others.
“Purchasing power in the south of Italy is less than in the north, due to lower living costs,” said Degi chairwoman, Bärbel Schomberg. “But the amount of disposable income for consumption is significantly higher than in the business centres of the north and other European regions.”
The centre, which opened in March, has a catchment area of around 275,000 people and 2,500 parking places.
DEGI’s fund has a volume of €236m.
