18 January, Monitor Immobiliare
Zeitgeist Asset Management Italia announced the acquisition from Varde Partners of Midas Hotel in the Aurelio neighbourhood of Rome. Built in 1973 and renovated in 2021, the hotel offers 349 rooms, meeting rooms, three restaurants, tennis courts, and many other amenities.
Source: Monitor Immobiliare
01 June, Bebeez
Real estate developer Borio Mangiarotti, a Värde Partners affiliate, acquired a 6,000 Sqm former industrial area in Rozzano (Milan) to build 72 new apartments. The residential complex will feature a common garden, a gym and a co-working space. Construction is expected to start in Q1 2023.
Source: Bebeez
Translator: Cristina Ambrosi
02 February, Monitor Immobiliare
Proiezioni Future, the joint venture of Borio Mangiarotti and Värde Partners, closed the sale to Invesco Real Estate of the second lot of the requalification project SeiMilano. One of Milan’s largest projects concerning a 300,000 Sq m area near the Bisceglie metro station, SeiMilano will combine housing, offices and commercial properties, as well as a park. In the lot acquired, covering 53,000 Sq m, Invesco Real Estate will implement 650 apartments for rent distributed among 11 buildings with an investment of 150 million €. Meanwhile, the units of the first lot have already sold out.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi
07 September, Il Sole 24 Ore
Covivio completed the acquisition from Varde of a hotel portfolio for the value of 573 million euro. The portfolio consists of eight assets, including the Dedica Anthology luxury hotels.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
03 July, Property Eu
Orion Capital Managers, through a fund managed by DeA Capital Real Estate, entered an agreement concerning a development in Milan, near Bisceglie metro station. Orion acquired the site for 100 million where the private equity company plans to develop offices for a total leasable area of 27,600 Sq m. This development is included in the broader project named SeiMilano, which is carried out by the joint venture formed by Värde Partners and Borio Mangiarotti and covers a 300,000 Sq m area.
Source: Property Eu
Translator: Cristina Ambrosi
26 February, Milano Finanza
The requalification project of Scalo Romana in Milan is currently in the phase of gathering the manifestations of interest from the various contestants. According to the rumours, Hines is supposed to participate in partnership with Varde and Borio Mangiarotti, while Coima will team up with Covivio and Prada.
The requalification of the area implies the creation of seven buildings to accommodate the athletes of the 2026 Olympics, after which they will be converted into student residences. Of the 164,000 Sq m GFA, 30% will be for non-residential use and 70% for residential use. Finally, 50% of the total surface will be turned into a public park.
Source: Milano Finanza
Translator: Cristina Ambrosi
14 January, Monitor Immobiliare
Varde Partners and Borio Mangiarotti have recently entered an agreement with Intesa Sanpaolo and Banco Bpm concerning a 113. 5 million funding for the large-scale urban renewal project SeiMilano.
The project covers a 300,000 Sq m area and implies the construction of a polyfunctional area and a park. Specifically, 100,000 Sq m will be dedicated to residential developments, 30,000 Sq m to offices and 10,000 Sq m to commercial businesses.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi
07 January, Il Sole 24 Ore
In the last days of 2019, Covivio entered an agreement for the acquisition of a hotel portfolio from the luxury hotel chain The Dedica Anthology owned by Värde Partners and valued 600 million euro. The portfolio consists of eight hotels, including iconic hotels such as the Exedra Hotel in Rome, the New York Palace in Budapest, and the Grand Hotel dei Dogi in Venice. The hotels will offer 1000 rooms in total and will be managed by Nh Hotels.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
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
09 May, Corriere della Sera
The American investment company with assets under management for 14 billion entered the capital of the real estate company Borio Mangiarotti by acquiring a 20% share. In this way, the two companies have consolidated its partnership, especially concerning the Seimilano project.
Source: Corriere della Sera
Translator: Cristina Ambrosi
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