Invesco Real Estate has acquired the Outlet Center Brenner in Italy on behalf of one of its German separate clients.
Invesco purchased the outlet centre from Huter Invest for an undisclosed price. The centre is located directly on the Brenner Pass, the Alps mountain pass on the border of Italy and Austria and the most frequented connection between Germany and Italy.
William Ertz, senior director fund management at Invesco commented: 'It's not every day we come across such an impressive asset in a unique location. The outlet centre is in the middle of the Alps and has developed and grown impressively since it opened 10 years ago. We have noticed a 35% increase in visitors since the completion of the first extension in 2012 and we predict the recent extension will continue to drive additional growth. The asset offers excellent fundamentals for further development potential through active asset management to provide strong income growth and total return for our client’s portfolio.'
Since the second extension in the first half of 2017 the factory outlet centre now comprises 15,300 m2 of retail space on three floors for over 65 tenants and benefits from 363 trading days per year. The mix of tenants includes international brands like Adidas, Calvin Klein, Tommy Hilfiger and Liebeskind as well as outdoor brands such as Jack Wolfskin, Timberland and Nike.
The advisers to Invesco in this transaction were Hager und Partner, Ingenieurbüro Bergmeister and GVA.
The latest acquisition adds a second factory outlet centre to Invesco's European retail portfolio of 38 assets. The firm said that its 'strong investment track record' was demonstrated by a European transaction volume in 2017 of €2.8 bn across the risk-return spectrum and in all commercial sectors as well as hotels and residential.