Cordusian Palace, the former Milanese headquarters of the Stock Exchange and then of the Post Office, changes hands for 246,7 million euro. Seller and buyer are both real estate investment funds: the first is Pacific 1, managed by Kryalos Sgr, while the second is the AC Milan Trophy RE Fund 3, subscribed by some investors of Mediobanca's private banking division.
Built in 1901, Palazzo Cordusio is one of the most iconic buildings in Milan. Located in the center of Milan's financial district (at Piazza Cordusio 3), the Palazzo was initially the headquarters of the Stock Exchange, while from 1998 to 2011 it was the headquarters of the Italian Post Office.
Completely renovated between 2015 and 2018, thanks to an investment of approximately Euro 23 million which has brought the building back to its original historical magnificence, the property today complies with the strictest standards in terms of environmental and energy characteristics.
"The divestment of the Piazza Cordusio asset - said Paolo Bottelli, CEO of Kryalos Sgr - is part of the strategy to enhance the real estate assets of the Pacific 1 Fund and confirms the success of the establishment of club deals aimed at real estate investments with income, showing how in the current economic context real estate is extremely attractive compared to other investment asset classes”.
“This is Mediobanca's third real estate club deal in just over a year resulting from the collaboration between Private Banking and Corporate & Investment Banking,” said Dino Gioseffi, Coverage Large Corp & Head of Real Estate at Mediobanca.
