Italian asset manager Merope has secured a €60 mln loan from Banco BPM for the acquisition and development of two trophy assets in Milan.
The properties are located at Corso Venezia 56 and Via Manzoni 9 in central Milan. The asset at Corso Venezia was bought from landlord Banca Ifis for €50.5 mln. The office building includes seven floors above ground and a basement for a total gross area of approximately 5,000 m2 plus a garden of over 1,000 m2. The asset is due to be vacated by March 2021 by its tenant, Banca Ifis.
Via Manzoni 9 is a mixed retail and office asset and previously housed the head office of the IFIL Group.
The two assets are earmarked for a new Merope value-add fund focused on the acquisition and repositioning of trophy assets in Milan. The fund has been fully subscribed by a number of family offices and private investors and has a total spending power of €110 mln.
Pietro Croce, founder and CEO of Merope Asset Management commented: ‘We are very happy to start this new adventure with the support of Banco BPM. We have a very solid group of investors and we are supported by one of the main Italian banking groups. I can only thank Banco BPM and his team who, in a moment of great complexity, have shown that they want to support our project.’
Luca Manzoni, Banco BPM’s Corporate Manager, added: ‘Banco BPM continues to support quality investments in the Milanese Real Estate. We are happy to support Merope, a young company with high standing investors, in these two important development operations. Banco BPM, despite being in a difficult situation for our country due to the ongoing health emergency, remains focused on supporting Italian companies.’
Merope Asset Management was advised by law firm Dentons and BMS Progetti on the real estate and technical side. Banco BPM was advised by law firm NCTM and JLL.