DWS has acquired Barberino Designer Outlet, the dominant outlet centre in Tuscany, Italy from Nuveen Real Estate.
The acquisition has been made on behalf of one of its real estate funds, from the European Outlet Mall Fund, managed by Nuveen Real Estate.
Characterised by high quality architecture inspired by the local region, Barberino Designer Outlet is an established outlet offering customers a shopping experience set against a landscaped backdrop.
Comprising almost 27,000 sq m, the dominant scheme includes more than 120 shopping units set out as a typical local village, with large parking facilities and a strong offering of premium and luxury brands. At almost full occupancy, anchor tenants include Polo Ralph Lauren, Michael Kors, Nike and Adidas.
Attracting an annual footfall of over 2.7 million per annum, with an average spend per customer above industry benchmarks. It benefits from a location between Florence and Bologna on the A1 motorway.
In addition, McArthurGlen, Europe’s leading owner, developer and manager of designer outlets, will continue as manager of Barberino Designer Outlet.
“The impressive performance and turn-over of Barberino Designer Outlet further demonstrates the resilience in recent years of this previously niche segment, not often available to the market,” said Giuseppe Colombo, Head of Real Estate, Italy for DWS.
He added: “We are very pleased to add this property to our portfolio.”
“The EOMF has owned its stake in Barberino Designer Outlet for 10 years, during which time the retail destination has seen growth in both its footfall and profitability. We are pleased to have been able to hand the centre over to DWS who will be able to help continue its strong performance”, said Sebastien Gorrec, European Fund Management Director, Nuveen Real Estate.
“The outlet sector continues to be a resilient investment product, meaning assets such as Barberino remain attractive to long-term investors looking for quality and diversification,” added Mario Pello, Head of Real Estate Italy, Nuveen Real Estate.
DWS’s real estate investment business has been investing in real estate assets for more than 45 years. As part of the Alternatives platform, the real estate business has more than 450 employees around the world and €50.4 billion in assets under management as of March 31, 2019, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate.
