Latest developments at Meyer Bergman
Meyer Bergman Fund Invests in High Street Redevelopment on Milan's Main Arterial Shopping Street, Corso Buenos Aires
A fund advised by real estate investment manager Meyer Bergman has acquired four vacant buildings on an angle of fashion capital Milan's longest shopping street, Corso Buenos Aires, which it plans to redevelop. The terms of the purchase from two Italian banks are not being disclosed.
Paulo Sarmento, Principal at Meyer Bergman, said: "This investment fits perfectly with the fund's strategy of targeting High Street properties in the main retail destinations of Europe's major cities. Offering an extensive fašade on Corso Buenos Aires, this is a tremendous redevelopment opportunity, since large retail units are in such short supply on this major shopping street. We will be looking for a partner to which to sell the upper-floor apartments that account for two-thirds of the available space."
Meyer Bergman European Retail Partners II (MBERP II), the value-add property fund that closed for capital-raising in the third quarter of 2014, acquired 59 Corso Buenos Aires and 2, 4 and 6 Via Errico Petrella from Banco Popolare and Banca Monte dei Paschi di Siena. The block of four buildings comprises a total of 26,000 sq.m. of space.
Corso Buenos Aires is the main arterial road that runs north from the historic centre of Milan. It has evolved into one of the city's busiest shopping street for High Street brands and includes the stores of Zara, H&M, Mango, Nike, Bershka, Stradivarius, Terranova and OVS.
This was the Fund's final acquisition. MBERP II's other High Street investments include assets on Paris's avenue des Champs ElysÚes, London's Bond Street and Piccadilly, Oslo's Grensen and Copenhagen's K°bmagergade. It has also already disposed of a building acquired on Madrid's Calle Serrano.
Rustioni & Partners and Hilex provided MBERP II with the retail and legal advice respectively.