A consortium of institutional investors and Ultra high-net-worth individuals has emerged as the buyer of Montebello 18 in Milan for €243 mln.
The trophy asset is buying sold by Italian asset manager Kryalos Sgr’s Arete fund, invested by Blackstone, with the closing expected before July.
The asset provides 30,000 m2 of office space over eight storeys and dates back to 1963, although it has recently been refurbished and currently boasts Leed Gold e Breeam In-Use Very Good certificates.
Located right in the city centre, the property is entirely leased to a major Italian banking group.
‘This new transaction with Mediobanca confirms the investment potential of club-deals in real estate and demonstrates that Milan's appeal remains high for institutional investors, strongly interested in office use of primary standing and located in the CBD of the city,’ said Paolo Bottelli, CEO of Kryalos SGR.
‘This fourth real estate operation in Milan with the club deal formula confirms the attractiveness of high-profile real estate for Ultra-High-Net-Worth customers,’ commented Angelo Viganò, head of Mediobanca Private Banking. ‘All the more so in a time of growing inflationary pressure, investments in prestigious income properties represent an investment solution aimed at protecting and enhancing assets.’
