Prelios SGR: Ardian Real Estate acquires office building in Milan

Ardian, a world-leading private investment house,  has acquired a 7,000 sq.m building in Piazza Fidia 1, Milan, from Generali  Real Estate S.p.A. SGR.   

Built in 1968, the free-standing office building in Milan's dynamic Isola  district is strategically located half-way between Porta Nuova and Scalo  Farini, a disused railway yard due to be fully redeveloped as part of a  wider redevelopment plan for the area. 

The refurbishment plan for the building will involve a complete  refurbishment in line with the highest international standards for energy  performance, sustainability and architecture.  

The purchase is Ardian's second acquisition through the SICAF, an  independently managed fixed-capital real estate multi-compartment  investment company managed by Prelios SGR, in which Ardian is the sole  investor. The SICAF previously acquired an office building in Via  Roncaglia 12/14 in a central area in south-west Milan, from Sator  Immobiliare SGR. 

As an investor in AIFs managed by Prelios SGR, Ardian Real Estate has  invested approximately €500 million to date in properties in Milan and  Rome mainly intended as office buildings. 

Rodolfo Petrosino, Senior Managing Director for Ardian Real Estate’s  operations in Southern Europe, said: “This deal perfectly highlights our  strategy of investing in the best core plus-value added opportunities in  the Italian market, where we can create value through our important  partnership with Prelios. The redevelopment plan, to be launched shortly,  will transform the area, and will enable us to attract high-quality  tenants for this building.” 

 Alessandro Busci, Head of Fund Management at Prelios SGR, added: “We are  proud of our partnership with Ardian Real Estate, which has been  strengthened through this new acquisition. In a competitive market,  achieving returns that match investors’ risk appetites depends  increasingly on the fund manager’s ability to maximize the value of the  assets under management. So, we are delighted that Ardian Real Estate,  and our investors, see Prelios SGR as an effective partner that can help  them achieve their objectives. The building will be redeveloped and  repositioned so that we can make the most of its potential value.”    

The transaction was completed with Chiomenti advising on legal and tax  Gattai, Minoli, Agostinelli, Partners as administrative advisors, General  Planning as architectural advisors and Agire who carried out the technical  and environmental due diligence.