Pan-European institutional investor Patron Capital has purchased land in Rome to build apartments, marking their first investment in the Italian capital.
The land already has approval to build a 9,300 m2 complex with 110 apartments and parking for 105 cars. The total value of the project is estimated to be €70 mln.
The ESG-led urban regeneration project is located in Viale delle Provincie, close to two high-speed train stations and a metro station, as well as Rome’s largest university, Sapienza, and the Umberto Primo hospital.
The apartments will have amenities like a concierge, lounge areas, a rooftop terrace, a co-working area, a gym, and a children’s play area.
Matteo Busa, partner of Patron Capital, said: ‘This is a compelling opportunity for us to enter the residential market in Rome. Not only is the site well located for the city’s transport links and amenities, but the fact that it already has a building permit in place means we can quickly start to execute our strategy to deliver an ESG-led development in a market that is characterized by strong levels of demand and very limited supply. Looking ahead, we are confident in the fundamentals that underpin the residential market in Rome and will look to make further acquisitions in Rome’s centre and popular residential areas in line with this strategy.’
Construction has already begun, and sales will start in September 2024.
The land acquisition follows the successful closing of Patron Capital's seventh flagship fund. This fund surpassed €860 mln in total commitments, including €200 mln earmarked for co-investment opportunities.
