The Retail Capital Markets Team at Cushman & Wakefield has advised the European Outlet Mall Fund, managed by Nuveen Real Estate, on the sale of Barberino Designer Outlet, located in Barberino del Mugello - Florence, Italy to DWS for an undisclosed sum.
Barberino Designer Outlet is a well-established retail outlet which opened in 2006, with GLA of about 27,000 sq m and a distinctive design which reflects its status as a high-end fashion destination.
The complex design is inspired by the aristocratic Renaissance villas, typical of the historic Mugello district, and the mall comprises of two main open piazzas with paths running along the side of the splendid watercourse which flows through the outlet, connected by five pedestrian bridges. Furthermore, its parking spaces can facilitate 2,400 cars.
Barberino Designer Outlet benefits from an excellent merchandising mix of about 130 shops offering premium and luxury brands, and an excellent food & beverage offering. The outlet hosts brands such as Michael Kors, Dolce & Gabbana, Liu Jo, Hugo Boss, Tommy Hilfiger, Polo Ralph Lauren and Nike making the outlet a key shopping destination for both residents and tourists.
Andrea Orsa, Head of Retail Capital Markets at Cushman & Wakefield Italy, said: “Thanks to its excellent mix of premium and luxury brands and its elegant, attractive design, Barberino Designer Outlet is a key destination for both the resident population of almost 3 million people living within a 60 minute drive of the mall and for the large, and constantly growing, number of tourists who visit Tuscany, and Florence in particular. What's more, the new motorway linking the Bologna area to Barberino del Mugello has made Barberino a more convenient destination for people and provides a major opportunity for further growth in the outlet's attractiveness."
Carlo Vanini, Head of Capital Markets Cushman & Wakefield Italy said: “Over the last few years, outlet centres in both Italy and Europe have proved particularly resilient, with excellent performances, especially in the case of high-end malls such as Barberino Designer Outlet. These characteristics make this asset class particularly interesting to long-term investors. In the context of Italian and European property market, which is experiencing a slowdown in retail out of town investments, the Barberino Designer Outlet transaction proves that there is still a strong interest from investors in assets which have sound fundamentals and are well established within their areas. This is a positive sign which should boost confidence in the market as a whole."
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