AXA Investment Managers – Real Assets, acting on behalf of CNP Assurances, has completed the acquisition of a prime high-street retail asset in the heart of the historical city centre of Bologna, Italy.
The recently refurbished property is comprised of two adjoining classical buildings with a total surface area of 2,300m², spread over three floors. Each of the respective properties is fully let on a long lease contract to leading international retail brands. The purchase price was not disclosed.
The asset benefits from excellent visibility being centrally located in the heart of Bologna’s historical centre on Via Rizzoli, one of the city’s prime shopping streets, and opposite the Piazza Maggiore.
Bologna has a well-established retail industry which dominates both the city and its metropolitan area, benefiting not only from an affluent local population of over a million residents but also from a daily inflow of tourists and workers, ensuring consistently high footfall.