Press Release Prelios Sgr-Ardian - Areef 1 Italy Reif - Acquisition of a Portfolio of 6 Office Properties (Cloe)

Apr 10 2017

THE AREEF 1 ITALY REIF, MANAGED BY PRELIOS SGR, COMPLETES THE ACQUISITION OF A PORTFOLIO OF 6 OFFICE PROPERTIES

THE FIRST ACQUISITION IN ITALY BY ARDIAN REAL ESTATE WHICH SEEKS CORE PLUS-VALUE ADDED PROPERTIES


Milan, 10 April 2017 -  On 31 March, AREEF 1 ITALY REIF, an Italian alternative investment fund managed by Prelios SGR S.p.A. and wholly-owned by Ardian Real Estate European Fund SCS Ardian Real Estate, which is managed by Ardian, an independent private investment company active in private equity and real estate, concluded the acquisition of a portfolio of 6 office buildings with an overall gross surface area of 91,000 square metres.
The portfolio was sold by Cloe Fondo Uffici, a reserved, closed-end real estate fund managed by Prelios SGR consisting of 3 properties located in Milan (Corso Italia 13, Via Washington 70, Strada 4 - Palazzo A, Assago), 2 located in Rome (Via Colombo 80, Via V. Veneto 89) and 1 property, the smallest, located in Bari.

AREEF 1 ITALY REIF‘s investment strategy is focused mainly on core plus-value added commercial properties with the aim of implementing asset management strategies to seize development opportunities and transform the real estate assets into prime buildings.

Andrea Cornetti, General Manager of Prelios SGR stated: “The sale of the portfolio of 6 buildings by Cloe Fondo Uffici, conducted in line with the asset management business of Prelios SGR over the life of the Fund, aimed at increasing the value of the portfolio, will enable the achievement of overall yield objectives that are greater than the expected target, with complete satisfaction of the unitholders. Also, we are also very happy that the transaction was concluded through a fund managed by Prelios SGR, chosen by Ardian Real Estate as the management company for its first real estate investment in Italy, confirming our Company’s leadership in efficiently managing real estate funds and the trust placed in Prelios SGR by leading international investors”.
Rodolfo Petrosino, Managing Director of Ardian Real Estate, commented: “Italy continues to offer interesting investment opportunities and we aim to focus on Milan and Rome, which represent two of the most interesting cities for real estate investment in Europe. We see great value creation potential in the buildings we have acquired and we aim to transform them into core properties thanks to our local team”.
The acquisition was completed with a mortgage agreement concluded with the international credit institutions Natixis S.A. Milan Branch and Natixis Pfandbriefbank AG.