Milan, 17 November 2022
Macquarie Asset Management has acquired an office building in central Milan for approximately €119 million through an Italian real estate fund. The investment was on behalf of a managed account.
The historic property in the Porta Romana district spans 20,600 m2 and was previously owned by All Star, a fund managed by Kryalos SGR and sponsored by funds managed by Blackstone. Built in the early 1900s it was fully renovated in 2020 to incorporate modern design and sustainability standards and has since been awarded a ‘Very Good’ rating under BREEAM’s sustainable building certification scheme.
The iconic property, which is divided vertically over three blocks, offers tenants flexible and efficient floorplans. It is fully leased to a diverse mix of tenants active in the fintech, green energy, and food and beverage sectors.
The Porta Romana district is a dynamic business and residential neighbourhood, benefitting from great local amenities and connectivity via the city’s metro. The area is undergoing urban regeneration and is expected to accommodate some of the key facilities for the Winter Olympic Games in 2026.
Florian Winkle, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy, said: “We have been active in the Italian real estate market for many years now and are really pleased to add this historic property to our local portfolio. Milan is one of the most attractive European gateway cities and we are seeing a lot of opportunity there for higher quality and well-occupied properties.”
Macquarie Asset Management’s global real estate team leverage their extensive network and capability across real estate investment management, asset management and direct investment to provide access to opportunities across the real estate spectrum – from partnering with specialist groups to the disciplined management of core/core+ real estate.
Macquarie Group has been active in Italy since 2003 across the utilities, renewable energy, transport, and real estate sectors. Macquarie is growing its local team and establishing an office in Milan as part of its commitment to offer an even broader range of services and capabilities to its Italian clients and partners. This acquisition follows a suite of recent activity in the country including the acquisition of Corso Europa 12 in Milan for €63 million.