Ardian and Prelios sgr complete the sale of two office buildings in central Milan

Ardian, a world-leading private investment house, together with Prelios SGR S.p.A. today announces the sale of two office buildings in central Milan to a foreign institutional investor.

AREEF 1 - SICAF S.p.A., a company managed by Prelios SGR S.p.A. and fully subscribed by Ardian Real Estate European Fund SCS (AREEF I) managed by Ardian, sold the two core buildings located in Via Giorgio Washington 70 and Corso Italia 13, with a total rental area of ca. 23.500 square meters.

The assets were part of the Mirò transaction executed in March 2017. This was followed by an intensive value creation program to renovate the buildings and reduce vacancy in line with Ardian Real Estate’s strategy.

For this transaction, Ardian and Prelios SGR were advised by GVA Redilco (real estate advisor) and Chiomenti (Legal advisor).

Andrea Cornetti, General Manager at Prelios SGR, said: “The transaction is in line with Prelios SGR’s strategy and delivers excellent returns. We want to emphasize the success of the value creation strategy which vastly improved the two building’s rental profile and quality. The sale confirms the continued interest of international investors in the Italian property market and recognizes Prelios SGR as a trusted manager of property funds and alternative vehicles like SICAFs.”

Rodolfo Petrosino, Managing Director for Southern Europe at Ardian Real Estate, added: “This is a great achievement and confirms the strength of our investment approach for Ardian’s first Real Estate fund. We believe commercial real estate in Italy offers strong growth opportunities for our investors and we intend to continue our focus on core plus-value added asset class primarily in Milan and Rome, two of the most interesting cities for real estate investment in Europe.”