Italian asset manager Investire has sealed acquisitions in Rome and Milan for a total of nearly €137 mln.
In Milan, the firm bought a 4,400-m2 office building and associated car parking spaces, at the edge of Porta Nuova, from Barings.
The €37 mln sale was made through the Italy Opportunity Fund, an Italian alternative investment fund managed by Kryalos SGR, set up on behalf of clients, and for which Barings acts as advisor.
Following the off-market acquisition of the building in December 2017, Barings undertook a comprehensive refurbishment of the property, letting the entire space to an international audit, accounting and consulting group on a long-term lease.
Valeria Falcone, managing director for Italy at Barings, said: 'This investment has been delivered on time, on budget and sold ahead of the initial business plan in less than 24 months, generating significant value for our investors. When we advised the client on this acquisition, we saw an opportunity to reposition the property in a market with very strong fundamentals, taking advantage of the supply and demand imbalance for high quality offices in the area.'
In Rome, Investire bought three assets on behalf of the FIEPP fund for €100 mln.. The properties are offices located at Abruzzi 25/Sardegna 40 street, offering 13,400 m2 of space, as well as the Rattazzi and Spierer residential buildings, providing roughly 4,000 m2 of space.