Tournabuoni

Background

Following a substantial refurbishment project, the owner decided to market this opportunity once completed. The asset was fully leased to multiple tenants, offering a mix of office (school) and high street retail. JLL’s strong investor relationships and local knowledge were key determinants when the vendor chose to appoint JLL as their advisor in the sale.

Strategy

JLL positioned the asset as a prime high street sale in one of Italy’s top fashion destinations, Florence. JLL ran a well-prepared process that included a full analysis of the local market and over 100 investors contacted, utilizing our senior relationships across Europe. We also targeted a number of private and local investors. We were able to create a solid sales story offering the opportunity to secure an iconic building in one of the most recognized high street pitches in Europe.

Results

The building attracted great interest, resulting in multiple stage bidding. The effective and well-prepared process resulted in record interest and price tension for the sale. Further bidding rounds amongst the most interested parties allowed us to obtain a maximization of the price, resulting in the selection of a domestic investor who successfully closed the transaction in a short period. Our client was delighted with the process and result.