Ardian and Prelios completed the sale of two properties in Milan city centre

15 October, Prelios

Ardian, the global leader in private investment, together with Prelios SGR S.p.a., announced the sale of two office buildings in Milan city centre to an international institutional investor.

AREEF 1 – SICAF S.p.A., a company managed by da Prelios SGR S.p.A. and wholly owned by the Ardian Real Estate European Fund SCS (AREEF 1) controlled by Ardian, sold two core assets located in Via Giorgio Washington 70 and in Corso Italia 13 for a total commercial surface of approximately 23,500 Sq m.

The two properties were part of the Mirò operation finalised in March 2017 followed by requalification interventions to renovate the buildings and reduce the vacancy following the strategy of Ardian Real Estate.

The operation was supported by GVA Redilco as the real estate advisor and Chiomenti as the legal advisor.

Andrea Cornetti, Prelios SGR general director, commented: “The operation is aligned with the Prelios SGR strategy and it provides significant returns. I would like to stress the success of the requalification intervention which considerably improved the rental value and the quality of the properties. The sale confirms the interest of international investors for the Italian real estate market and recognises in Prelios SGR a trustful manager of real estate funds and alternative vehicles such as SICAFs”.

Rodolfo Petrosino, Southern Europe Managing Director for Ardian Real Estate, added: “This operation is a great achievement and it confirms the success of our investment strategy of the first Ardian’s real estate fund. We believe commercial properties in Italy offer good growth potential for our investors, and we’ll continue focusing on valued added core assets in Milan and Rome, two of the most interesting cities in Europe concerning property investments”.

Source: Prelios

Translator: Cristina Ambrosi

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