A consortium of more than 100 UniCredit client families is co-investing alongside Allianz and Finaval to reposition the mixed-use Palazzo Esedra property, which overlooks the historic Piazza della Repubblica in Rome.
As part of the transaction, the Feltrinelli family, which has owned the building since the late 19th century, will retain a controlling stake in through its Finaval holding company, alongside Allianz. Financial details were not disclosed.
PIMCO Prime Real Estate said it will act as strategic asset manager to redevelop and reposition the 30,000sqm office-and-retail property in line with its historical identity and original architectural features.
Donato Saponara, head of South and West Europe and co-head of investment Europe at PIMCO Prime Real Estate, said: “Palazzo Esedra will represent a project of great significance in Rome’s urban landscape, aimed at restoring a new sense of centrality to an iconic property while fully respecting its historical identity.
“The project will reposition the building as a contemporary space fully integrated into the urban fabric, helping to strengthen Rome’s position as an attractive and resilient destination for real estate investments.”
The deal marks UniCredit’s inaugural real estate co-investment transaction offered to high-net-worth clients.
Massimiliano Mastalia, head of wealth and large corporates at UniCredit, said: “The Palazzo Esedra transaction marks a milestone for the UniCredit Group. This is the first real estate co-investment transaction carried out alongside an internationally renowned partner such as PIMCO Prime Real Estate, confirming our ability to structure highly distinctive investment opportunities by leveraging the strength of our service model – a seamlessly integrated local network, the group’s global product development capabilities and specialised expertise from the UHNW strategic development and real estate teams.”
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