Kryalos SGR, managing the All Star fund backed by Blackstone, has finalised the sale of a landmark building on Piazzale Loreto in Milan to Corum AM for its Corum Eurion fund.
Designed by architect Giulio Minoletti in the late 1950s, Palazzo di Fuoco was acquired by the All Star fund in 2017. Kryalos SGR then spearheaded a transformative redevelopment between 2018 and 2023 under GBPA Architects.
The redevelopment team restored the building to its original state, highlighting the innovative features that made it groundbreaking in its era.
Spanning 11 floors and over 15,000 m2, the property boasts fully leased office and commercial spaces occupied by premier tenants.
Paolo Bottelli, CEO of Kryalos SGR, said: ‘We are particularly satisfied with the activities carried out on Palazzo di Fuoco, whose redevelopment was the driving force of a broader movement. In fact, we have always believed in the potential of the area, long before Piazzale Loreto officially became the subject of one of the most important urban regeneration projects in the city of Milan and Italy.’
Carlo Vanini, head of capital markets at C&W Italy, commented: ‘We are extremely proud to have assisted Kryalos on this significant transaction which confirms the resilience of the Milanese real estate market and its strong fundamentals for a great start of the year in the office sector. Thanks to its high-quality standards, outstanding ESG credentials, great tenancy and strategic location Palazzo di Fuoco is the confirmation that quality is always a payback and investors are still ready to catch appealing opportunities.’
Palazzo di Fuoco has achieved BREEAM-IN-USE Excellent susstainability certification and is aiming for LEED Platinum.
Dils and Cushman & Wakefield advised on the transaction. Legal, tax, and technical support were provided by PGLex, FiveLex Studio Legale e Tributario, and EY, respectively.
