Private investmetn house Ardian has made its debut in residential real estate investment, with the acquisition of a 4000 m2 property located in Milan at Via Giuseppe Revere 3.
The building was acquired by Ardian through an investment vehicle that will be managed by independent asset management company Investire.
The historic property dates back to 1898. It is located in the Magenta district, by Sempione Park, a green space at the heart of Milan’s historic city centre.
The property is surrounded by landmark buildings including the 15th-century Sforzesco Castle and museums, the Arena Civica, the Arco della Pace and the Triennale di Milano.
Said Rodolfo Petrosino, head of real estate Southern Europe at Ardian: 'We see interesting and attractive investment opportunities in Europe’s residential property market. Italy, for example, has a scarce supply of quality buildings that meet the market’s highest sustainability standards.
'To put that into perspective, about 80% of residential properties in Italy were built before the 1980s. Milan is also experiencing growing demand for different types of accommodation particularly in student housing, where need far exceeds supply thanks to a growing young population and increasing number of international students.'
The eight-story building consists of seven floors above ground and one basement floor, with two urban villas also overlooking the inner courtyard. After being acquired by Ardian, the building will be refurbished to the highest design and sustainability standards.
It will use renewable power sources such as geothermal energy, energy-saving lighting and an automated management systems. The refurbishment will be completed in partnership with the De Amicis Architetti studio, specialists in modern luxury design and preserving historic architectural features.
Ardian continues to invest in Italy with a build-to-green+ strategy to fill the scarce supply of sustainable buildings across the office market. After acquiring a Milan office building on Amerigo Vespucci 2 street in December 2022, Ardian is refurbishing the building to achieve net-zero energy standards.
Ardian plans to replicate that strategy in the residential market with the acquisition of this historic building on Revere 3, which will become a best in class building for energy performance.
Said Alessandro Polenta, managing director at Investire: 'We are proud to launch this new investment vehicle with Ardian, which has chosen Investire SGR as partner for its first residential transformation project.
'Thanks to our proven track record and consolidated experience in redevelopment projects and urban regeneration, we further consolidate our leadership in the residential segment as a reference partner for international investors.'
