UBS AM acquires Milan business park on behalf of two investors
UBS Asset Management has acquired La Forgiatura business campus in Milan, Italy on behalf of two institutional investors.
It is the first deal for UBS AM Real Estate & Private Markets’ European Club Deal strategy.
UBS did not disclose the price but said it was a “low three-digit million amount”.
La Forgiatura is an integrated campus on the site of a regenerated nineteenth century industrial complex with 30,000sqm of grade-A office space.
There are nine individual buildings and a further one under construction, and more than 400 on-site parking spaces.
Situated in Zona Certosa, in the North-Western part of the city, La Forgiatura is Milan’s first entirely carbon-free scheme and is LEED certified.
UBS said its customised clients solutions team “drew together two institutional investors with aligned interests and a strong appetite for direct access to income-producing real estate with long-term growth potential, and identified the attractive investment opportunity and structure”.
Tilman Hickl, head of customised clients solutions, said: “The successful closing of our first club deal with institutional clients in Europe, with the acquisition of a promising and income-generating business campus, marks the beginning of a new era of sustainable real estate solutions for our clients.
“This transaction re-affirms investors’ confidence in our deal-focused strategy, underpinned by its ability to immediately deploy capital and accurately allocate properties to our investors.”