Kryalos has granted exclusive rights to a consortium of institutional investors and Uhnwi (Ultra high net worth individuals) coordinated by Mediobanca the sale of the property in via Montebello 18 in Milan, for a value of 243 million.
The concession of the exclusivity period took place at the end of a beauty contest which involved the main national and international market operators. The expressions of interest received were evaluated with the assistance of specialized advisors e Mediobanca's offer was judged the most competitive. The closing of the transaction is expected within the month of July 2022.
Belonging to the Arete real estate fund, managed by Kryalos and subscribed by vehicles attributable to Blackstone, the building in via Montebello, it has an area of over 30.000 square meters spread over eight floors above ground for office use and two underground floors, mainly used as archives and cellars.
“Built in 1963, the property has recently undergone a major redevelopment intervention carried out according to the highest quality, environmental and energy standards, which has made it a Grade A asset and has allowed it to obtain LEED Gold and BREEAM In-Use Very Good,” reads a note.
The asset is located in the heart of the city of Milan, between the historic center and the business district of Porta Nuova, in the immediate vicinity of symbolic monuments of the city such as the Castello Sforzesco or Palazzo Brera, a highly attractive area at the center of interest for national and international investors.
The asset, entirely leased to a leading Italian bank, will be managed by the newly established alternative real estate investment fund Milan Trophy RE Fund 4 of Kryalos SGR - the fourth fund underwritten by an investor club deal coordinated by Mediobanca - in consideration of the specific knowledge from part of the SGR of the property and the excellent track record of the Company.
“This new operation with Mediobanca – he said Paolo Bottelli, CEO of Kryalos – confirms the investment potential of club-deals in real estate and demonstrates that Milan's appeal remains high for institutional investors, strongly interested in office assets of prime standing and located in the city's CBD. The Italian office market, and in particular the Milanese one, is confirmed as dynamic with volumes in Q1 2022 showing signs of strong growth".
“This fourth real estate transaction in Milan with the club deal formula confirms the attractiveness of high-profile real estate for Ultra-High-Net-Worth customers – comments Angelo Viganò, head of Mediobanca Private Banking – All the more so in a time of growing inflationary pressure, investments in prestigious income-producing properties represent an investment solution aimed at protecting and enhancing assets.”
“The transaction demonstrates Mediobanca's unique ability, thanks to the work of the advisory team dedicated to real estate, to identify prestigious properties with quality lessors, structuring and following the entire acquisition process according to market best practices. ” – comments Dino Gioseffi, Coverage Large Corp & Head of Real Estate of Mediobanca.
