Invesco Real Estate has bought a retail outlet on the Brenner mountain pass for an undisclosed sum on behalf of one of its German clients.
The fully-let 15,300 square-metre Outlet Center Brenner is on the Italian side of the border, close to Austria, and has 65 tenant retailers who sell high value international and domestic brands from Calvin Klein to Timberland.
William Ertz, senior fund management director at Invesco Real Estate said that purchasing the retail park from Tyrol-based Huter Invest had been a rare opportunity to acquire a high quality and high-yielding retail asset in a unique location on the busiest and most frequented transport route between Germany and Italy.
“It’s not every day we come across such an impressive asset in a unique location,” said Ertz. “The outlet centre is in the middle of the Alps and has developed and grown impressively since it opened ten years ago.”
Ertz added that visitor numbers had increased by 35% since the completion of an extension to the shopping centre in 2012 and that a further extension completed last year would “continue to drive additional growth” at the facility which is a popular stop for tourists travelling over the busiest pass in the Alpine mountain chain.
“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.”
The three-floor Brenner retail facility is Invesco’s second major investment into a factory outlet and will form part of its growing European retail portfolio of 38 assets.
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