Miami-based private equity firm HIG Capital has acquired a real estate portfolio in northern Italy via one of its affiliates for an undisclosed sum.
The portfolio comprises a shopping centre, Le Isole, with 8,500 m2 of gross leasable area, plus a fully let office building (pictured) with 12,000 m2 of space. Both assets are in the Piedmont region.
'This is our seventh investment in Italy in the past two years,' commented Riccardo Dallolio, managing director at HIG in London.
While the shopping centre, near Gravellona Toce, is dominant in its catchment area, the office is located east of Milan in Vimodrone and is home to primary international tenants.
'Italy represents a key focus for our European strategy and we continue to seek additional small and mid-cap, value-add, investment opportunities to increase HIG's presence in this market,' Dallolio concluded.