Private property investment firm Ardian Real Estate has entered the Italian market with the acquisition of six office assets from a fund managed by Prelios SGR.
Financial details were not disclosed but PropertyEU has learned that Ardian paid over €300 mln for the portfolio. Three of the six assets are located in Milan (Corso Italia 13, Via Washington 70, Strada 4 Palazzo A Assago), two are located in Rome (Via Colombo 80, Via V. Veneto 89) and a very small asset is located in Bari.
Ardian said the core-plus acquisition is in line with its investment strategy, which is to focus on major cities in the Eurozone’s three largest economies: Italy, France and Germany. The firm already has an ‘extensive background’ of direct private investment in these markets, it added.
The deal is the first investment to be made in Italy by Ardian Real Estate Europe Fund (AREEF) and follows the acquisition of Wappenhalle, the office and business park complex in Munich, completed in November 2016.
Bertrand Julien-Laferrière, head of Ardian Real Estate, said: ‘These office complexes perfectly fit in with our investment strategy: to target significant commercial property assets and seek to significantly enhance rental income through active asset management.’
Rodolfo Petrosino, managing director of Ardian Real Estate, added: ‘Italy offers a great opportunity for experienced, local real estate managers. Milan and Rome are two of Europe’s very interesting real estate investment locations. We knew both these assets and the seller very well, so we were able to seize the opportunity very quickly. We see a lot of potential for value creation with these office spaces and we look forward to starting work.’
Prelios SGR, the seller, is a leading real estate fund manager in Italy and manages 33 funds, with approximately €4 bn of assets under management. The portfolio sold to Ardian was held by a fund named Cloe.
Founded in 1996 and led by Dominique Senequier, Ardian Real Estate is an independent private investment company with assets of $60 bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees.
