Partners Group and Investire Sgr have acquired a portfolio of six properties in central Milan for €260 mln from Fondo Pensioni per il Personale Cariplo.
The acquisition is the first for the joint PRS Italy 2 Fund, focused on residential leasing with value-added services.
The acquisition, known as Project Majesty, involves a portfolio of six standalone properties in central Milan, totalling 50,500 m2. They are located in areas including Corso Vercelli, Via Andegari, Piazza Medaglie d’Oro, and Viale Monte Nero.
Financing for the acquisition was provided by Natixis, ING Italia, and Generali Real Estate Sgr managed funds.
This acquisition builds on the existing PRS Italy fund, bringing the combined investment to over €600 mln and a projected stabilized value of around €800 mln.
Alessandro Polenta, co-general manager of Investire Sgr, said: ‘We are convinced that the living market needs quality interventions and the offer of a rental of residential buildings characterized by tailor-made services in line with the most widespread market demands. The acquisition and valorisation of this real estate portfolio fits precisely in this direction.’
Marco Denari, head of real estate Southern Europe, private real estate Europe added: ‘This operation adds to approximately €175 mln invested this year in the living sector in Spain and €222 mln in Germany between Berlin and Leipzig, demonstrating our thematic focus on the sector at European level and a management approach that offers additional services, amenities, and flexibility to our tenants.
‘In Italy, we are confident of further integrating our residential portfolio managed by OnPlace/Investire in order to reach a critical mass of 1,500 residential units and €1 bn in stabilized assets under management.’
The project will enhance the properties through architectural and energy efficiency upgrades, create new amenities and common areas, and modernise apartment layouts to meet current market demands.
The acquired properties will be managed through On Place, a platform offering integrated physical and digital services for rental residences in Italy. Currently operating in Milan, Rome, and Turin, the platform manages over 450 apartments.
Legance, Clifford Chance, and Gatti Pavesi Bianchi Ludovici acted as legal advisors to the Fund. Chiomenti law firm assisted the financiers. FM Notai assisted all notarial aspects, while Rina assisted the technical aspects. Dils acted as commercial advisor to Partners Group and the Fund. CBRE acted as advisor to the sales process.
