Valesco has acquired a majority stake in a €200m office building in Italy, developed by Covivio, which will serve as the global headquarters for luxury fashion brand Moncler in Milan.
The European real estate fund manager said it has made the majority controlling investment in the 38,000sqm, six-storey property expected to be completed in 2025.
The deal is Italy’s largest office transaction in over two years and also marks the second year in a row that Valesco has made a major office investment in Europe, following its 2023 acquisition of the Sequana Tower in Paris.
Shiraz Jiwa, founder and CEO of The Valesco Group, said: “The recovery in demand from dynamic, blue-chip corporates for the highest quality office space for their talent is well and truly advanced and is underpinning the bifurcation thesis. We are pleased to be partnering with Covivio, which is renowned for the quality of its developments and understanding of occupier needs and is delivering an exceptional scheme.
“In Moncler, we identified an occupier who shares our philosophy that the office is a critical business tool for talent enrichment, revenue generation and shareholder value. This investment is a testament to Valesco’s laser focus in identifying and securing high-quality, mission-critical assets in Europe’s most dynamic markets.”
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