London-headquartered European real estate fund manager Valesco has acquired a majority controlling stake in Moncler’s global headquarters in Milan for around €200 mln, or a net initial yield of 5.5%.
The deal, Italy's largest office transaction since 2022, involves a 38,000 m2, six-storey property currently being developed by French listed group Covivio with delivery slated for 2025.
Global luxury fashion brand Moncler is set to relocate to the trophy scheme in Milan’s prime Symbiosis district in 2025.
The transaction also marks the second consecutive year that Valesco has executed a major European country’s largest office investment, following the 2023 landmark purchase of Sequana Tower in Paris.
Designed by renowned architects Antonio Citterio & Patricia Viel (ACPV), the asset will serve as the global headquarters of Moncler, one of the world’s most prestigious luxury fashion brands, which has signed a 15-year inflation-linked lease without breaks. The headquarters is set to provide a new benchmark of amenities for Moncler employees, including a ground-floor gym, a variety of dining experiences, and a multi-purpose “shed” space for exhibitions and fashion events. It will serve as a cultural hub during Milan Fashion Week, enhancing its role as part of the city’s vibrant fashion ecosystem.
Targeting LEED Platinum certification, the building boasts advanced sustainability features such as photovoltaic panels, rainwater collection systems, and a repurposed industrial chimney for bioclimatic air circulation.
Shiraz Jiwa, founder and CEO of The Valesco Group, commented: 'The recovery in demand from dynamic, blue-chip corporates for the highest quality office space for their talent is well and truly advanced and is underpinning the bifurcation thesis. We are pleased to be partnering with Covivio, which is renowned for the quality of its developments and understanding of occupier needs and is delivering an exceptional scheme.'
He added: 'In Moncler, we identified an occupier who shares our philosophy that the office is a critical business tool for talent enrichment, revenue generation and shareholder value. This investment is a testament to Valesco’s laser focus in identifying and securing high-quality, mission-critical assets in Europe’s most dynamic markets.'
Valesco was advised by Dils (buyside), Chiomenti (legal), Marchetti (notary), PwC (tax), A&O Shearman (corporate) and Arcadis (ESG and technical).
