Global real estate investment manager Invesco Real Estate (IRE) has picked up Garage Traversi in Milan for its core pan-European flagship strategy. The former parking garage is located within Milan's luxury quarter, and will be converted in the next 18 months into a Class A mixed-use scheme.
'We are pleased to secure this destination asset which impresses with its combination of a prime location, outstanding architecture and a rare commercial license. The property fits well with our build-to-core programme and gives us the opportunity to create a best-in-class building, right in the heart of the luxury quarter of Milan,' said Jon Pierce, senior director – fund management at Invesco.
The 6,000 m2 asset was built in 1938 in Via Bagutta, just a few steps away from luxury shopping street Via Montenapoleone. Invesco said that the building holds a rare retail trading license for large sales areas, which are heavily restricted in Milan.
With the opening planned for the second half of 2020, the asset is currently under renovation, in parallel with the city-led refurbishment of via Bagutta.
'Traversi Garage is a fantastic opportunity within the Milan luxury retail sectors, which our local team has identified as being particularly strong. We believe that the outlook for the luxury retail sector remains robust in Milan, as the demand is strongly driven by quality and location, and we see attractive opportunities in the city which fulfill these criteria,' concluded Carlo Romanò, director of transactions at Invesco.