Invel Real Estate (‘Invel’), the investment firm focusing on real estate and distressed debt opportunities across Europe, has invested an aggregate of €120 million into two office assets in Milan and Rome on behalf of an institutional investor, bringing Invel’s AUM in Italy to more than €750 million.
The investment refers to a 28,000 sq m office building on Via Paolo di Dono in Rome’s Eastern EUR area from DeA Capital Real Estate SGR S.p.A. The income-producing asset is let to a range of high covenant tenants such as Unilever, Philips and Swiss Post. EUR, a popular residential and business district located south of Rome’s city centre, benefits from strong transport links and is home to a number of multinational companies and public bodies, including Confindustria, the Ministry of Health and the Ministry of Communications.
In a separate transaction, a 12,000 sq m office asset in Milan, right above the Famagosta subway station, was sold by Italian REIT, Aedes Siiq, located on Via San Vigilio. The building was designed by renowned architect Giò Ponti. Invel has identified a range of asset management initiatives to bring forward the programme started by Aedes Siiq and derive value at this landmark building. These include the creation of an additional top floor, renovation of the historic façade and the optimisation of the building’s energy efficiency to deliver a LEED- certified modern office space.
Invel’s Head of Acquisitions in Italy, Francesco Molinari, said: “Both of these assets represented compelling investment opportunities, providing entry to attractive submarkets of Milan and Rome. We aim to enhance the value of both assets, leveraging our local knowledge through a targeted redevelopment and letting programme. Having grown our investments and
team in Italy significantly over the past year, we continue to see opportunities to deploy capital, using our in-depth market knowledge to generate value across our existing portfolio as well as for new acquisitions.”
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