Southern Europe-focused private equity firm Invel has purchased an office building in Rome for a residential conversion.
Financial details were not disclosed.
The deal marks Invel's third transaction for its opportunistic real estate strategy.
Invel has a primary sector focus on residential and hospitality, with a particular focus on Italy and Greece.
The asset, currently classified as an office, is prominently located within an established residential and business area. Invel will carry out the redevelopment into a 150-units build-to-sell (BTS) residential scheme with best-in-class green credentials, leveraging a scarcity of modern stock in Rome.
The business also recently closed on the second transaction for this strategy in Athens, Greece, a land plot in an affluent residential district to develop a green BTS residential scheme of 33-units.
Invel’s founder and managing partner, Chris Papachristophorou, said: 'We are proud to deploy capital in an off-market transaction that best exemplifies the strength of our local Italian team and our investment strategy.
'We follow an exceptionally disciplined allocation model as reflected in our track record.'
