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Varde bets on Italy

22 June, Milano Finanza

Real estate remains one of Varde’s core businesses in Europe, with investments for 3 billion euro, (more than 50% in the residential segment) and increasingly focusing in Italy, especially in Milan and Rome.

Varde constituted a joint venture with the construction company Borio Mangiarotti by taking over 20% of its capital. The two companies are currently working together on SeiMilano: 30 hectares of residential developments for an investment of 250 million euro.

In Rome, Varde acquired the Imprese’s portfolio, which includes 2 thousand apartments covering a 300 thousand Sq m surface. Moreover, the company acquired the hotel chain Boscolo for a total equity of 150 million euro and an enterprise value of 500 million. Finally, to diversify its investments, Varde bought 33% of the servicer Guber Banca.

Source: Milano Finanza

Translator: Cristina Ambrosi

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