Ardian and Prelios create second Italian real estate fund

A new Italian property fund set up by Ardian Real Estate and Prelios SGR has bought a 9,300sqm office building in Milan from Sator Immobiliare SGR.

The pair have created a new multi-compartment and externally managed fixed-capital investment company (SICAF), the first one authorised by Bank of Italy. The SICAF is owned by an investment fund managed by Ardian and managed by Prelios.

A SICAF is a type of alternative investment fund established as part of Italy’s implementation of the Alternative Investment Fund Managers Directive.

In a joint statement, the companies said the SICAF has the office building located in Via Roncaglia 12 – 14, in the south-west central part of Milan for an undisclosed sum.

The building, which was built in the 1960s, will be completely renovated, the companies said.

Rodolfo Petrosino, managing director at Ardian Real Estate, said: “It [the SICAF] 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 this acquisition, Ardian Real Estate now owns seven properties in Italy and two in Milan.

Andrea Cornetti, general manager of Prelios SGR, said the new SICAF is the second one set up by Ardian and managed by Prelios, and the first externally managed multi-sector real estate SICAF in Italy.