Italian real estate fund FIEEP has acquired a retail property in a principal shopping street near the Piazza San Marco in Venice for EUR 30 mln.

The building provides 1,680 m2 over five floors. The main tenants are retailer Burberry and bank Intesa Sanpaolo.

The vendor was the RealShop fund managed by Italian fund manager EstCapital. RealShop realised a 14.3% capital gain on the disposal.

EstCapital is an independent fund manager, specialised in closed-ended funds for institutional and private investors. The total volume of funds managed by EstCapital comes to more than EUR 1 bn, which with leverage has a total investment potential of EUR 2 bn. The firm currently has EUR 1.6 bn of assets under management.

FIEPP (Real Estate Fund of Public Security Professionals) has the capacity to invest up to EUR 1 bn in high-end properties in major Italian cities. The fund is managed by Rome-based fund manager Investire Immobiliare.