Kryalos SGR has bought an office building in Milan for a new opportunistic closed-ended real estate fund.
The fund manager said it bought the property at Viale Fulvio Testi 280 in the Bicocca sub-market from Commerz Real for the Whitemoon fund.
No financial details were disclosed.
Paolo Bottelli, the CEO of Kryalos, said: “Through the enhancement of the building of Viale Fulvio Testi we contribute to the urban regeneration of Milan.
“The synthesis between architecture, technology, innovation, sustainability and smart working is, in fact, the essence of this project which will give the Bicocca area even more appeal.”
The property was built in 1989 and refurbished in 2005, the property has a leasable area of around 16,400sqm and 355 car parking spaces.
Following a planned redevelopment, the new property is to offer a total of around 33,000sqm of floor space on 13 overground storeys and three underground storeys.
Andreas Muschter, the CEO of Commerz Real, said: “The sale meets with our objective of selling non-strategic assets at an attractive price in this favourable market environment.”
The building had been part of the portfolio of the Commerz Real open-ended real estate fund hausInvest since 2007.