Italian asset management firm Kryalos has acquired an office asset in Milan for the Kryalos Opportunity Fund I.
Financial details were not disclosed.
The asset, which is located in Via Vespri Siciliani 9, covers an area of approximately 6,000 m2 and consists of a main building laid out over six floors and two further internal buildings, as well as warehouses and covered parking spaces.
'This is the first acquisition completed by the Kryalos Opportunity Fund I, a fund with partially discretionary capital,' said Paolo Bottelli, CEO of Kryalos. 'It confirms the success of our investment strategy in a highly competitive and challenging environment such as the Milan office market.'
Bottelli added that the fund planned the subsequent redevelopment and reletting of the asset.