Cordea Savills has made the second acquisition for its Italian Opportunities No 1 fund
The fund management arm of Savills has bought a 27-asset portfolio across 13 of Italy’s 20 regions for its Italian Opportunities No 1 fund, which is a Luxembourg SOPARFI for institutional investors.
The 277,310 sq ft (25,760 sq m) portfolio has been purchased from Beni Stabili, an Italian quoted property company, for €105.6m (£71.3m) and comprises four buildings in Rome and Milan, and a mix of retail and offices in provincial centres.
The fund’s first purchase, completed in July, was a block of 61 flats in Porto Rotondo on Sardinia’s Costa Smeralda for €21.5m (£14.5m) from an Italian private investor. Two-thirds of the flats were sold within two months of the acquisition.
Cordea Savills’ head of Italy Gerardo Solaro del Borgo said: ‘There is great potential for generating returns from this portfolio, which we intend to realise through a combination of regearing leases, breaking up and selling assets, redevelopment and repositioning of properties.’