Prelios SGR S.p.A., a Prelios Group company, closed two important property acquisitions in Rome and Milan through two real estate investment funds managed by the Company.
With these two acquisitions, the Assets under Management (AuM) by Prelios SGR increase by nearly €100 million.
Andrea Cornetti, General Manager of Prelios SGR stated: “The new important acquisitions for the two funds currently under management are necessary for increasing both the value of the real estate assets, and for achieving the target yields required by the shareholders. They are two transactions that are strategically in line with our industrial plan, that also include the expansion of the number of existing funds, with consequent satisfaction for our investors and growth in non-traditional products that create value on a national level.”
In Rome, the Fedora Fund - a real estate investment fund managed by Prelios SGR in which some pension institutions have a qualified interest - as part of its investment plan has concluded the acquisition of a real estate complex located in viale Regina Margherita - via Morgagni - Piazza Sassari, with an overall value of 62.75 million Euro including taxes and levies required by law.
The complex, located in the semi-central area on the east side of Rome, consists of three self-contained, 10-storey buildings, with a total area of about 23,000 square meters. The complex, whose primary intended use is services and commercial, has 80% of the net leasable area rented, generating annual rents of about 3.2 million Euro and potential rents of about 4.1 million. This investment is in line with Fedora Fund’s “core” management profile which is dedicated to direct and indirect real estate investments of some pension entities and is characterised by a moderate risk profile and maintaining value over time.
In Milan, a reserved, closed-end, alternative real estate investment fund managed by Prelios SGR has acquired a building with more than 11,000 square meters of leasable space located in via Amadeo 59. The building, acquired for a total of 33 million Euro including taxes and levies required by law, is leased to leading companies, and consists of two connected building with highly flexible spaces and high quality finishings and services.
The recently constructed building is LEED Gold certified. The LEED rating system (Leadership in Energy and Environmental Design) which was devised by the U.S. Green Building Council (USGBC), is the most important programme that rewards buildings and properties that are planned, constructed, and managed in such a way that improves their environmental protection characteristics.