Alternative asset management and investment group Tikehau Capital has acquired an office building in the Milanofiori business district of Milan, through its pan- European Tikehau Real Estate Opportunities (TREO) fund launched in 2018.
The purchase price was not disclosed.
The 19,000 m2 property is fully let and marks TREO's first investment in Italy. The asset was built in the 1980s and provides an 'attractive opportunity' to refurbish to Grade A standard in an area that lacks such buildings, Tikehau said.
It is located in the southern part of Milan, in the established Milanofiori centre that hosts the headquarters of several international corporates such as Nestlé, Mars, Teva, McDonald's, Autogrill and Puma.
Luca Bucelli, head of Italy at Tikehau Capital, commented: 'This operation is in line with the value-add investment strategy of TREO and the acquisition of buildings in the Milanofiori business district confirms our strategy to focus on assets offering great potential in attractive locations.
'We are very pleased to invest in Milan in this unprecedented time. It confirms our long-term commitment to the country, in the city where Tikehau Capital has an office and demonstrates our conviction that Italy will provide significant investment opportunities in the long term.'
Established in 2018, TREO is a value-add fund which invests across all real estate asset classes in Western Europe. The Milanofiori deal follows the acquisitions of the Atlantic Park mixed-use asset with light industrial and office space in the southern region of Paris, a mixed-use portfolio in Brussels, two hotels in central Paris currently in renovation and two shopping centres for reconversion in Maidenhead and Orpington, in the UK.
Tikehau Capital is a global asset management and investment group with €25.7 bn of assets under management (as at 30 June 2020). It is listed on the regulated market of Euronext Paris.
