Capreon, the Noé Group’s real estate investment and advisory arm, has acquired viale Jenner 20 (J20) on the north side of the inner ring of Milan, marking its first deal in joint venture with Finanziaria Immobiliare D’Este (Fide), a Milanese family-owned holding, development and asset management company.
The new JV seeks to identify opportunities to regenerate metropolitan Milan, in response to strong demand for Class A residential units in the city. This includes prioritising ESG considerations to deliver energy efficient, modern and high-quality residences.
At J20, Capreon will create 40 apartments and commercial space spanning the 4,200 m2 property. Works are expected to commence early in 2023.
The JV with Fide is Capreon’s first such partnership in continental Europe aimed at the residential asset class. Together, the partners will target to deliver units with a gross development value (GDV) of €250-500 mln over the course of the partnership.
Capreon has identified the European residential market as one of the most robust, underdeveloped and growing asset classes on the continent. The city of Milan, thanks to its exceptionally strong demographics, large demand-supply imbalance and continuous growth, has been highlighted as the perfect market for this asset class which can generate strong de-risked returns.
Said Capreon's Raphael Noé: 'We are pleased to work with Fide and complete this first transaction for J20. We look forward to commencing the property’s redevelopment while exploring further opportunities presented by the Milanese residential market.'
Added Paolo Malesci at Fide: 'We are pleased to begin this new journey with Capreon, a strategic international partner that shares the same investment ethics and principles of Finanziaria Immobiliare D’Este. The dynamism of the partnership is going to be one of the keys in order to succeed in the strong competitive environment that we find today.'
