New York-based Thor Equities is continuing its international expansion with the acquisition of its first Italian property, an 85k SF multi-use property in Milan called 26 Via della Spiga.
The seven-story property is home to luxury retail stores such as Dolce & Gabbana, which occupies over 17k SF of the lower levels. Fellow luxury retailers like Lanvin, Saint Laurent and Tiffany's neighbor the property, which also contains over 33k SF of office space and 33k SF of residential space.
As a prime fashion destination for European, US and Asian tourists, Milan's economy—especially its retail market, a strength of Thor Equities—has been holding up pretty well, allowing for stable retail rents.
Thor already owns other prime properties in France, Spain and the UK. [GS]
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