Italian insurance firm Vittoria Assicurazioni has completed the acquisition of three Italian offices from US investor York Capital and Swiss asset manager Stoneweg for a total of €400 mln.
The deal involves the entirety of two office assets in Rome and Monza and a 51% share in the Pegasus Fund, which is managed by Kryalos sgr and holds the Eni HQ known as Palazzo Quinto in San Donato Milanese near Milan.
The transaction was financed with a €176 mln loan provided by a banking consortium including UBI Banca and Banco BPM, as mandated lead arrangers.
At the same time, York Capital and Stoneweg have bought four development projects from Vittoria Assicurazioni for an undisclosed amount. The projects provide a total of 60 units in Parma, two complexes in Rome, and 200 units already built in Peschiera Borromeo near Milan.
Matteo Campaner, co-general manager of Vittoria Assicurazioni, said: ‘This operation represents a further step in the strategic change in the management of the group's real estate portfolio, aimed at de-risking investments with a high profitability profile.’
Paolo Bottelli, chief executive officer of Kryalos sgr said: ‘The entry of the new shareholder in the fund also highlights the new interest of the insurance sector in investing in high-quality real estate assets that guarantee attractive returns in the medium to long term.’
