BC Partners European Real Estate I (BCPERE I) and Kervis Group have completed the acquisition of a property portfolio in downtown Milan from Bocconi University.
Financial details were not disclosed.
BC Partners and Kervis initially put the portfolio under offer in July 2020 and the deal completed in December 2021. This transaction represents BC Partners’ first real estate investment in Italy, and Kervis will act as local operating partner.
The investors will comprehensively redevelop the two main assets in the portfolio into upmarket new-build apartments for sale. The assets – Via Balilla 16-18, comprising 8,000 m2, and Via Siracusa 5-7, 2,000 m2, – have previously served as the SDA Bocconi School of Management and student accommodation, respectively.
Laurian Douin, partner, BC Partners, said: 'We are very pleased to conclude BC Partners’ first real estate investment in Italy with the help of Kervis and hope this is the first of many.
'Milan’s residential market offers healthy fundamentals and attractive dynamics, with constrained supply of new-build quality residential product and strong affordability metrics for Milanese households.'
Giulio Bentivoglio, CEO, Kervis, said: 'Milan’s residential sector has now come under the spotlight as many institutional investors have entered the market.
'We believe we are well placed to thrive in this niche. We are delighted to partner with BC Partners and look forward to investing in new projects together leveraging our strong track record and local expertise in the residential sector.'
Advisors to BC Partners and Kervis included Greenberg Traurig Santa Maria (legal); Gattai Minoli Agostinelli and Partners (administrative); NCTM (regulatory); REAAS (technical and cadastral); and EY (tax). Claudio Caruso was the notary.
