Immobiliare Stampa, BPVI’s collapsed property arm which was taken over by Bain Capital last year, has divested a historic office building in the city centre of Milan for a price said to be around €56 mln.
The asset, entirely leased to luxury fashion group New Guards Group, is being sold to Mediobanca Private Banking acting on behalf of a closed-end fund.
Located at Via Turati 12, the complex provides around 4,100 m2 of space which is currently being restructured.
‘At a time of zero interest rates, we believe that investing in luxury income-generating properties represents a unique opportunity for clients in terms of asset diversification and yield,’ said Angelo Viganò, head of Mediobanca Private Banking. ‘Turati 12 is the first major real estate transaction post phase 1 and 2 of the pandemic.With increasing yields compared to the re-Covid-19 phase, Milan has every chance of becoming attractive again in terms of real estate and today offers interesting opportunities also for private investors.’
The transaction is part of the group’s strategy to increase the share of real assets in its portfolio to around 15%, the company said.
Last year the group also bought a historic asset in via Santa Margherita in Milan for €102 mln. The asset, leased to Goldman Sachs, Huawei and Bnp Paribas, was acquired from US asset management firm Blackstone.
