Thor Equities has bought its first real estate asset in Italy, attracted by Milan鈥檚 retail market.
The New York-based investor is investing in a prime retail asset in Milan鈥檚 Via della Spiga.
The mixed-use, 7,826 sqm property, which also includes office and residential space, is let to Dolce & Gabbana.
Jared Hart, managing director at Thor Equities, said Milan鈥檚 retail market and overall economy had 鈥渉eld up very well鈥�.
鈥淩etail rents have remained stable along prime fashion corridors including Via della Spiga, due in large part to the city鈥檚 emergence as a global gateway destination attracting European, US, Asian and Middle Eastern consumers,鈥� Hart said.
Thor Equities, which has bought similar assets in London and Paris, this year invested in Madrid for the first time.
Increased retail demand was behind Thor Equities鈥檚 decision to invest in Madrid鈥檚 Puerta del Sol.
Joseph Sitt, chief executive at Thor Equities, said the area鈥檚 high footfall was a major factor behind the US investor鈥檚 decision.
Last month, Kennedy Wilson bought its first assets in Italy, investing 鈧�185.5m ($205m) in an office portfolio in Florence, Milan and Rome.
The portfolio will be managed by Savills Investment Management SGR and held in a closed-end real estate vehicle, the Olimpia Investment Fund.
