Barings, one of the world’s largest diversified real estate investment managers, announces that it has sold, Parco Fiore Retail Park near Treviso, Italy, through an Italian real estate fund managed by Kryalos SGR, on behalf of a core investment strategy, to an Austrian institutional investor.

Built in two phases and delivered in 2017 and 2019, the 27,000 sqm retail park comprises 14 retail and food units, fully let to a high quality tenant mix, including leading international brands such as MediaWorld, and Decathlon, as well as being anchored by the leading Italian grocery retailer Mega.
The asset has been built to a high ESG standard, with a BREEAM Green Building Certification in place, along with photovoltaic panels on the roof.  

The asset is prominently located in north east Italy alongside the busy SS 13 Pontebbana linking Treviso and Conegliano to Pordenone and Udine, one of the wealthiest areas in Italy. 

Marco Corti, Managing Director and Country Head Real Estate Italy, commented: “An attractive offer for the acquisition of Parco Fiore convinced us to contemplate the sale in order to realize profits and recycle capital into other opportunities in our investment pipeline. The business plan for the asset has largely been realised, with the asset being delivered to a high standard and fully leased to a number of very strong tenants, which has led to a sustained level of footfall growth since its opening. Despite the recent challenges facing the retail sector due to Covid 19, our expert team has been able to generate good value and deliver attractive returns to our investors over the holding period.”

Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe at Barings, added: “This sale is our second realisation in Italy in recent months, following the disposal of the Corso di Porta Vigentina 9 office building in Milan in May. We continue to look for further opportunities to recycle capital into core, core plus and value-add strategies across Europe, with a focus on our strong conviction asset classes: offices, logistics and the “everything with beds” sector, including Build to Rent, student housing and micro/serviced living. This is with a particular focus in the Nordics, the Netherlands, Germany, the UK, Italy, France and Spain.”

Paolo Bottelli, CEO – Kryalos SGR, added: “The Italian real estate market is performing well and continues to attract interest from institutional investors, leading to positive flows of international capital in all asset classes. The sale of the retail park is a great opportunity to capitalize on the operational performance of the asset, and to realise strong returns”. 

Barings and Kryalos SGR were advised by Dentons for legal advice, FIVELEX for tax advice and Agire on the technical side.
 

Barings Real Estate

Barings Real Estate (BRE) offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. BRE also specializes in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
 

About Barings

Barings is a $382+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.

*Assets under management as of June 30, 2021
 

About Kryalos SGR

Kryalos SGR, with € 8.1 billion of assets under management and a team of 83 professionals, is one of the most active players in the Italian real estate market. Kryalos SGR offers fund management, transaction management, advisory and development services and is partner of Italian and international leaders.