Cushman & Wakefield successfully finalizes the sale of a prime asset in the heart of Rome

The Italian High Street Retail Capital Markets team of Cushman & Wakefield, global real estate service company, acted as advisor in the off-market sale of a retail use portion of a building located in the central Via del Babuino 36-37 in Rome, just off the Spanish Steps and Piazza del Popolo, leased to the well-known luxury brand Tory Burch.

A new foreign institutional player enters the Italian market: Tander Inversiones Socimi, S.A., a Spanish listed real estate investment company, already owner of a portfolio of high street retail properties located in Spain and Portugal, of a value of 120 million euros. An investor specialized in the high street sector with a long term investment strategy, who has chosen Rome for its first investment in Italy. This confirms that, despite the difficulties, Rome continues to be the selected target of certain investors, characterized by the unparalleled historical and cultural heritage, where luxury retailers and global brands coexist with the emblems of the past.

Despite the Covid-19 pandemic and the consequent crisis in the retail sector, due to the forced closure of all stores for almost three months, the deal was not subject to repricing compared to what was foreseen in the initial agreement.

"Completing this deal shortly after the lockdown and without repricing is an encouraging sign for the market, especially considering that retail is one of the asset classes most affected by the crisis" comments Eleonora Galloni, Head of the Capital Markets High Street Retail Department of Cushman & Wakefield Italy. "The transaction demonstrates that interest in our prime cities, where the fundamentals are solid, remains high also on behalf of international investors."

As reported in the annual report Main Streets Across the World prepared by Cushman & Wakefield, Rome is in fact one of the main prime markets in the world and in fourth place in the ranking of the main European high streets by rent