French private investment firm Ardian has finalised the acquisition of a Milan-based office building from a real estate fund managed by Banca Finnat’s InvestiRE Sgr through a co-investment vehicle with Primonial REIM France.
Financial details were kept confidential.
The property is located on Amerigo Vespucci 2 street in the heart of Milan’s Porta Nuova district. The building consists of 12,300 m2 of floor space across a total of 11 floors - of which nine are above ground. The property is mainly vacant and will undergo a major investment and redevelopment plan to transform it into a Grade A Green+ building. This certification is one of the highest sustainability rankings available for minimizing consumption and emissions. As part of the redevelopment, it will also become a Net Zero Energy Building.
‘Ardian will invest heavily in transforming this property through a 'Build-to-Green+' strategy. As part of the development, we will work in accordance with the terms of the Paris Agreement to minimise CO2 emissions during construction and over the building’s lifetime. We have already launched a design competition inviting some of the most prestigious international studios to submit plans for the building. Our goal is to regenerate an important part of the city by creating an attractive place to live for the local community and turning this iconic building into a pioneering example of sustainable redevelopment,’ said Matteo Minardi, managing director at Ardian.
‘Even in a difficult geopolitical and macroeconomic climate, Ardian is continuing to invest in strategically located assets in the Italian real estate market. As a result of the Covid-19 pandemic and amid the energy transition, we have seen a shift in demand towards higher quality assets aligned to international ESG standards. Ardian’s strategy is to respond to this market trend by delivering high-performing and sustainable assets,’ added Rodolfo Petrosino, senior managing director at Ardian.