US group Oaktree is believed to have joined forces with local investor and operating partner Redbrick to carry out two opportunistic acquisitions in Italy's largest cities of Milan and Rome.
The transactions represent the first foray by the Los Angeles-based investor in the Italian property market and are expected to mark the beginning of an active investment period in Italy, with a focus on value-add and development transactions in the hotel, residential and office space.
In the Italian capital, Oaktree and Redbrick have agreed to acquire a 10,000 m2 building in the Trastevere area, with plans to demolish the property and redevelop it into a mixed-use residential and commercial asset for a total investment of €60 mln.
In Milan, Oaktree and Redbrick have agreed to acquire a plot of land in Corso Sempione from a fund managed by Generali Real Estate SGR for an undisclosed amount.
The two partners plan to develop a new Studio Marco Piva-designed residential complex on the site, conditional upon receiving the green light from the municipality for the project. Closing of the operation is also conditional upon receiving planning permission for the scheme.