21 January, Bebeez
The UK-based private equity fund manager Benson Elliot acquired 100% of the shares of an Italian real estate investment fund, ER Office Fund 3 (“EROF3”) managed by Europa Risorse SGR. The company bought two adjacent business parks in Segrate, Milan.
The two business parks have been acquired through separate operations. Segreen Business Park was sold from the fund Opera managed by Bnp Paribas sgr, and it includes class-A offices for about 27 thousand Sq m distributed between two buildings, plus a parking lot with over 900 spaces. The park is located in Via San Bovio 3 and has obtained the highest environmental certifications (LEED Gold and Platinum) between 2011 and 2013. 90% of Segreen Business Park is occupied by multinationals such as Kraft Heinz, Lenovo and Zimmer Biomet. The acquisition of Seegreen Business Park was partly funded by Deutsche Pfandbriefbank AG and assisted by Hogan Lovells through multiline funding for 74.4 million euro in total. Simmons & Simmons and LED Taxand assisted Europa Risorse sgr in the acquisition, while BnpParibas Reim Sgr was assisted by BonelliErede.
Nest Business Park was acquired by Benson Elliott from the Toscanini fund managed by Generali Real Estate. It includes office space for 18 thousand Sq m distributed between three buildings and a parking lot with 500 spaces. The business park is surrounded by the beautiful landscape of Segrate. It was built in the Eighties to accommodate the former Microsoft Italian headquarters. The property is currently vacant, and it offers the opportunity for being requalified and integrated with Segreen Business Park. Nest, in fact, will be fully requalified and integrated, resulting in a more comprehensive offer and a larger surface by consolidating the two business parks. The finished product is meant to get the LEED Gold certification and to provide innovative services such as restaurants, a conference centre, a kindergarten and a gym.
Benson Elliot senior partner Joseph De Leo commented: “We’ve been operating on the Milan market for decades. The market is very interesting at the moment, as the rising demand for class-A offices has to deal with a limited offer”.
Translator: Cristina Ambrosi