US opportunistic investor Marathon Asset Management has entered the Italian office sector with the off-market acquisition of the Edison business centre in Sesto San Giovanni, near Milan.
The acquisition was made through the Luce opportunistic fund managed by local asset manager Kryalos. Although financial details were not disclosed, the asset is believed to have traded for between €80 and €90 mln.
Developed in 2007, the complex consists of three buildings for a total of 47,000 m2. The area, formerly an industrial site, was redeveloped by Nexity Italia in 2007-2009, representing an investment of around €45 mln. The property is fully let to several tenants from the beverage, IT and oil sectors.
'The Edison Center represents a very significant transaction, the first concluded by the US asset management company, Marathon, in the office sector in Italy,' said
Daniele Martignetti, head of capital markets of BNP Paribas Real Estate Advisory Italy which advised the vendor.
Earlier this year Marathon also made a bid for a portfolio of ten Italian assets held by Amundi Italia and Amundi Europa funds, according to market sources. US private equity group Bain Capital is however believed to be in the front-running to acquire those assets, which are worth between €150-€200 mln.