US asset management giant Blackstone and its local partner, Italian fund manager Kryalos Sgr, are understood to have launched the sale at Expo Real of a super-core asset in Rome for a three-digit amount.
According to well-informed market sources, the two partners have hired advisor Cushman & Wakefield to sell Palazzo Mancini, a trophy asset dating back to the 17th century located on the city's world-renowned Via del Corso.
Formerly home to the Académie Française in Rome, the building encompasses a total gross area of 13,000 m2 and has recently been picked by a major corporate to host its new flagship office in the city.
Over the last two years, the property has undergone an extensive refurbishment programme of both the internal and external areas to return it to its historical magnificence, bringing the asset to the highest sustainability standards.
Market experts say the asset represents 2021’s first core investment opportunity in Rome’s historic CBD, the most sought-after area by real estate investors and occupiers with cap rates continuing to tighten for prime transactions.
With the sale, Blackstone and its local partner Kryalos are believed to be looking to take advantage of the strong market dynamics, with Italy remaining a core investment destination for Blackstone Real Estate across different asset classes.
All parties declined to comment.