Italy's Merope Asset Management, a real estate investment and development company, has acquired a trophy asset in Milan's Brera district from Compagnie Industriali Riunite (CIR) for €38 mln.
The asset is situated between Via Ciovasso, Via dell’Orso and Via Ciovassino in the upmarket neighbourhood. Covering 4,500 m2, the property to date has provided a mixed destination for retail, office and residential uses.
Now vacant, the asset, comprising three buidings, is ready for renovation. The property comprises seven overground and four underground floors, which include 57 parking spaces.
Merope said it expected to invest approximately €20 mln in the building's repositioning. To date, Italian bank Banca Monte dei Paschi di Siena has loaned around €36 mln for the transaction.
The deal brings Merope's total transactions to over €1 bn. Since its foundation, Merope has developed schemes in Milan such as Palazzo Bernasconi in Via Palestro 24, home of Casa Cipriani; Via della Spiga 5, which hosts the Ralph Lauren flagship store; Corso Venezia 56, which will soon open its doors doors to Restoration Hardware; and Via Manzoni 9.
In Rome Merope is developing the capital's first Mandarin Oriental 5* hotel through the repositioning of the ten Villini Sallustiani acquired in 2021, located near Via Veneto and Piazza di Spagna.
Pietro Croce, founder and CEO of Merope Asset Management, commented: 'We are proud to have completed this investment which is a demonstration of the trust we place in our core segment, namely, the high end market of Italy's principal cities.
'Having exceeded the threshold of €1 bn in investments in just over 10 years since the company's foundation, Merope has confirmed its place amongst Italy's principal investors and developers, and as a leader in high-end real estate.'
Merope was assisted by Dentons as legal advisor and by PedersoliGattai on matters of finance. Giancaspero & Carlucci handled the tax and corporate aspects, BMS Progetti assisted the company on technical due diligence while Studio Belvedere provided contract services.
