Ardian Real Estate and Prelios SGR set-up the first italian multi-compartment and externally managed real estate sicaf, authorized by Bank of Italy

Aug 01 2019

The new SICAF is fully operative and has already acquired an office building in Milan from Sator Immobiliare SGR

Milan, August 1st, 2019 – Ardian, a world-leading private investment house, together with Prelios SGR, announce that they have set-up a new multi-compartment and externally managed fixed-capital investment company (“SICAF”), the first one authorized by Bank of Italy. The new SICAF is entirely owned by an investment fund managed by Ardian and managed by Prelios SGR S.p.A.

The SICAF has already acquired from Sator Immobiliare SGR an office building located in via Roncaglia 12 – 14, in the south-west central part of Milan.

Built in the 1960s, the property covers around 9,300 sqm of gross area. The building is in a sought-after district in close proximity to the new CityLife business district, with excellent public transport links to the city centre. The building will be completely renovated, delivering to the market a Grade A product in line to the latest international construction, health and energy standards.

Rodolfo Petrosino, Managing Director at Ardian Real Estate, said: “The launch of this second real estate SICAF is the result of a partnership with a major operator such as Prelios with whom we are working in synergy. It is a new investment tool that we are the first to offer our investors and thanks to which we can continue to select the best opportunities in the core plus-value added segment on the market, as demonstrated by the recent acquisition of the real estate property of via Roncaglia 12 – 14. This construction project is an ideal addition to our existing portfolio in Italy. Given the property’s proximity to the new business district CityLife, and excellent transport links to the city centre, we expect demand for office space in this area to continue to grow. With its thriving and diverse corporate landscape, Milan is a key market for Ardian Real Estate as we continue to acquire and develop attractive properties in core European cities.”

“The new SICAF is the second one set up by Ardian and managed by Prelios SGR, and the first externally managed multi-sector real estate SICAF in Italy” adds Andrea Cornetti, General Manager of Prelios SGR. “This initiative strengthens the relationship with Ardian, one of the main players in the European market. With this transaction, Prelios SGR confirms its pioneering role in the range of investment products managed, and its leadership in the management of innovative products dedicated to leading institutional investors”.

The investment was completed with the support of GVA Redilco as commercial advisor, Gattai, Minoli, Agostinelli, Partners for the administrative due diligence and REAAS for the technical and environmental due diligence. Chiomenti, with a multi-disciplinary team coordinated by its partner Umberto Borzi, assisted Ardian in the process of authorising and setting up of the SICAF, as well as Prelios SGR in the first investment.

With this acquisition Ardian Real Estate’s owns seven properties in Italy and two in Milan, following its sale of two buildings in Via Giorgio Washington 70 and Corso Italia 13 in October 2018.