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DWS Acquires Dominant Outlet Centre in Tuscany, Italy from Nuveen Real Estate: ‘Barberino Designer Outlet’

DWS has acquired the prime outlet centre ‘Barberino Designer Outlet’, located in Barberino del Mugello, in Northern Tuscany, Italy, on behalf of one of its real estate funds from the European Outlet Mall Fund, managed by Nuveen Real Estate, one of the largest real estate investment managers in the world.

The closed-ended European Outlet Mall Fund has €3.3 billion of assets under management and currently owns a portfolio of ten malls across Italy, The Netherlands, Austria, Belgium and the UK.

Characterised by high quality architecture inspired by the local region, Barberino Designer Outlet is an established outlet offering customers a beautiful shopping experience, set against a unique landscape backdrop. Comprising almost 27,000 square meters, the dominant scheme includes more than 120 shopping units set out as a typical local village, with large parking facilities and a strong offering of premium and luxury brands. At almost full occupancy, anchor tenants include Polo Ralph Lauren, Michael Kors, Nike and Adidas.

Attracting an annual footfall of over 2.7 million per annum, its design and layout make Barberino a “Shopping Destination”, with an average spend per customer above industry benchmarks. It benefits from an excellent location in the most renowned area of the Tuscany Region, strategically located between Florence and Bologna on the A1 motorway.

In addition, McArthurGlen, Europe’s leading owner, developer and manager of designer outlets, will continue as manager of Barberino Designer Outlet.

Nuveen Real Estate was advised by Allen & Overy and Cushman Wakefield.

“The EOMF has owned Barberino Designer Outlet for 10 years, during which time the retail destination has seen growth in both its footfall and profitability. We are pleased to have been able to hand the centre over to DWS who will be able to help continue its strong performance”, said Sebastien Gorrec, European Fund Management Director, Nuveen Real Estate. “We will continue to invest in the growth of our portfolio of outlets, comprising some of the most recognised outlets malls in Europe, and look at investment opportunities on behalf of the EOMF with a particular focus on partnering with the outlet sector’s most respected brands across Europe.”

“The outlet sector is proving to be a resilient investment product, so assets such as Barberino continue to be attractive to long-term investors looking for quality and diversification,” commented Mario Pellò, Head of Real Estate Italy, Nuveen Real Estate.

“The impressive performance and turn-over of Barberino Designer Outlet further demonstrate the resilience in recent years of this previously niche segment, not often available to the market,” said Giuseppe Colombo, Head of Real Estate, Italy for DWS. He added: “We are very pleased to add this property to our portfolio.”
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