Patrizia has expanded its Italian office portfolio with the acquisition of the newly completed Lybra Building from TPG Angelo Gordon for €55m.
The real assets fund manager said that the acquisition of the new Milan headquarters for software firm SAP increases its office portfolio in Italy to nearly €500m, a portion of its €1.6bn in real assets managed within the country.
The Lybra Building, set for completion this year, is located in Milan’s Porta Nuova district.
Pierluigi Scialanga, country manager and head of transactions for Italy at Patrizia, said: “Lybra is a perfect example of Patrizia’s ability to strategically identify and secure high-quality office assets in sought-after locations like Milan’s popular CBD Porta Nuova district.
“We are excited to welcome SAP as the anchor tenant in this premier building. Their long-term commitment to the property highlights the growing demand for high-quality, sustainable office spaces in Milan, and reinforces the attractiveness of the Porta Nuova district.
“Despite the growth in remote working, which is redesigning office space, grade-A buildings in CDBs are even more attractive for top tenants relocating to more central locations. This creates a strong opportunity for core investors to catch the stable rental growth in the prime office market in Milan and Rome.”
Mahdi Mokrane, Patrizia’s head of fund management real estate, said: “This acquisition underscores our strategic focus on identifying resilient, high-quality office assets that meet the evolving needs of occupiers while delivering long-term value.
“The Lybra Building is a standout example, offering modern design, exceptional sustainability credentials and a prime location in Milan’s Porta Nuova district at an attractive entry price.
“By securing this asset, our teams are not only enhancing our portfolio but also demonstrating confidence in the future of well-located, ESG-compliant office spaces, which remain essential to thriving business environments.”
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