Invel Real Estate has invested an aggregate of €120m into two office assets in Milan and Rome on behalf of an institutional investor, bringingInvel’s AUM in Italy to over €750m. The first property located on Via Paolo di Dono in Rome’s Eastern EUR comprises 28,000m² of office space and has been purchased from DeA Capital Real Estate SGR. The income-producing asset is let to a range of high covenant tenants such as Unilever, Philips and Swiss Post.
The second asset, which was acquired in a separate transaction, is located in Milan and offers 12,000m² of office space. The property was sold by Aedes Siiq. The building was designed by renowned architectGiò Ponti. Invel has identified a range of asset management initiatives to bring forward the programme started by Aedes Siiq and derive value at this landmark building. These include the creation of an additional top floor, renovation of the historic façade and the optimisation of the building’s energy efficiency to deliver a LEED-certified modern office space.
Invel’s Head of Acquisitions in Italy, Francesco Molinari, said: “Both of these assets represented compelling investment opportunities, providing entry to attractive submarkets of Milan and Rome. We aim to enhance the value of both assets, leveraging our local knowledge through a targeted redevelopment and letting programme. Having grown our investments and team in Italy significantly over the past year, we continue to see opportunities to deploy capital, using our in-depth market knowledge to generate value across our existing portfolio as well as for new acquisitions.”