21 January, Monitor Immobiliare
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”) which acquired a business park in Segrate, north-east of Milan. EROF3 is managed by Europa Risorse SGR, the asset manager for the regulated funds owned by Banca d’Italia.
The two business parks have been acquired through separate operations from BNP Paribas SGR and from the Toscanini Fund managed by Generali Real Estate S.p.A. SGR.
Segreen Business Park was acquired from BNP Paribas SGR, and it offers about 27 thousand Sq m of class-A office space distributed between two buildings, including 900 parking spaces. The building was built between 2011 and 2013 according to the highest environmental standards (Gold and Platinum LEED certification). 90% of Segreen Business Park is occupied by multinationals such as Kraft Heinz, Lenovo and Zimmer Biomet.
Nest Business Park in Segrate was acquired from Toscanini Fund, a fund managed by Generali Real Estate S.p.A. SGR. It has a surface of 18 thousand Sq m occupying three buildings and a parking lot with over 500 spaces. Built in the Eighties, it used to be the former Microsoft headquarters, and it’s currently vacant.
Benson Elliot Senior Partner Joseph De Leo commented: “We’ve been operating on the Milan market for decades. The market is rather interesting at the moment, as the rising demand for class-A offices has to deal with a limited offer. Thanks to our excellent position on the market, we’re able to offer offices in such a strategic location”.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi