An Italian property fund dedicated to Cassa Forense, the lawyers鈥� national pension fund, has invested 拢92m (鈧�121m) in a London asset.
CBRE Global Investors and Fabrica SGR, respective adviser and asset manager of the Cicerone fund, bought the long-term leasehold of the Waterstones flagship store in Piccadilly from a Meyer Bergman fund.
Fabrizio Caprara, chief executive at Fabrica SGR, said: 鈥淭his first international operation of the Cicerone fund confirms Fabrica鈥檚 commitment to build a pan-European asset portfolio, combining Cassa Forense鈥檚 diversification needs and the fund鈥檚 risk/revenue profile.
鈥淲e are proud to announce that this asset is now held by an Italian institutional investor.鈥�
The 6,161sqm building is let to Waterstones on a long-term lease until 2034.
The property is held leasehold from The Crown Estate for a remaining term of 118 years.
Michael Ness, head of UK at CBRE Global Investors, said: 鈥淭his was an opportunity to acquire a historically important and iconic building in the heart of London鈥檚 West End.
鈥淲e recognise the long-term investment value in this acquisition for our client. This is due to the excellent location and enduring occupier appeal of the building demonstrated by Waterstones鈥檚 commitment to the site as its long-term flagship store in London.鈥�
The property鈥檚 seller, Meyer Bergman European Retail Partners II, and its predecessor fund will sell more assets this year.
