The Thesaurus fund, managed by Blackstone's Italian asset manager, Kryalos, has acquired two offices in Milan for €137 mln from French-listed property group Covivio.
The two assets, located at via Principe Amedeo, 5 and via Scarsellini, 14, were sold for a price exceeding the latest valuation.
'This transaction confirms the positive dynamics of the Milan market and is in line with our strategy of rotation of mature assets in the portfolio, aimed at reinvesting the proceeds in new properties and development projects in strategic areas for the city of Milan,' said Alexei Dal Pastro, CEO of Covivio in Italy.
The historic building in via Principe Amedeo, near the Turati M3 metro station stop, was completely renovated and redeveloped by Covivio in 2018, and then handed over to new tenants, including the law firm Gattai, Minoli, Agostinelli & Partners.
The asset in via Scarsellini was built in 2010 and is located in the northern suburbs of Milan, served by the Affori M3 subway. British multinational insurance giant Aviva is the main tenant.
