Italian asset manager Kryalos SGR said this week that it has finalised the sale of four properties acquired in 2022 and belonging to the former Enpam pension fund portfolio.
In particular, two properties were sold through the Artemide fund and two through the Atena fund, for a total of €120 mln.
The assets, encompassing 29,000 m2, involved an asset located in the center of Milan, in Via Turati 29, which is currently redeveloped for office/retail use; a property for office/retail use located in Via Flaminia 53, in Rome; another office-retail asset at Via Barberini, 11, in Rome, and a mixed use hotel/office/retail property at Via Barberini, 3, also in Rome.
Kryalos SGR last year was selected to manage the real estate portfolio of the Enpam Foundation, known as 'Project Dream'. In particular, it took over the management of 26 properties including some trophy assets distributed throughout Italy, for a total estimated value of €280 mln.
'It was immediately extremely gratifying to have the opportunity to valorise the assets acquired as part of Project Dream. The objective of undertaking a strategic valorisation path was achieved with the sale of these four properties, earlier than expected and successfully achieved following an intense asset management activity focused on simplifying the employment status and identifying tangible development strategies that can be pursued by future buyers. We hope to be able to replicate this success with the rest of the real estate portfolio,' said Paolo Bottelli, CEO of Kryalos SGR.
