Invel invests further €120m in Italian office market

Invel Real Estate (Invel), the investment firm focusing on real estate and distressed debt opportunities across Europe, has invested an aggregate of €120 mln into two office assets in Milan and Rome on behalf of an institutional investor.

The deals bring Invel’s AUM in Italy to more than €750 mln.

The investment refers to a 28,000 m2 office building on Via Paolo di Dono in Rome’s Eastern EUR area which was bought 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.

In a separate transaction, a 12,000 m2 Giò Ponti-designed office asset in Milan, right above the Famagosta subway station, was sold by Italian REIT, Aedes Siiq. Invel has identified a range of asset management initiatives to bring forward a value-add programme initiated by Aedes Siiq. 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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