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