Independent asset management firm Kryalos has sold, on behalf of the Artemide real estate fund, a significant commercial real estate complex in Milan comprising some 61,000 m2 of space.
The asset belonged to the former Enpam portfolio, and is located in in via Lorenteggio 257. The buyer is a securitisation vehicle backed by a leading private investor and developer.
The real estate complex, mainly intended for office use, is made up of seven buildings, with over 800 parking spaces in the basement, for a total surface area of over 61,800 m2.
Built in the 1980s, it is situated in Lorenteggio-Bisceglie, a hub of significant activity due to the imminent opening of the city's fourth metro line.
The complex covers an area of over 150,000 m2 of gross area and will be subject to complete renovation.
Kryalos was selected in 2022 alongside two other Italian SGRs to manage and enhance the assets of the real estate portfolio owned by the Enpam Foundation.
Kryalos was entrusted with 26 properties, including some trophy assets distributed throughout Italy, with a particular focus on the cities of Milan and Rome, worth around €280 mln. To date, Kryalos has sold 17 of them.
Paolo Bottelli, CEO of Kryalos, said: 'The sale of the real estate complex in via Lorenteggio represents an important step in the mandate to enhance the former Enpam heritage which has been entrusted to us as the area, made up of seven buildings, is strategic due to its size and location within the city of Milan.'
