TH Real Estate, acting on behalf of its European Cities Fund, has acquired the Via Darwin complex located in Milan, Italy for c.€100m through the subscription of quotas in an Italian real estate fund managed by Antirion SGR SpA, from Brioschi Sviluppo Immobiliare S.p.A.
Via Darwin is a well-established office and university campus comprising of 15 buildings totalling 26,917 m², located in the Navigli area. The complex is home to 19th century buildings, leased by the university Nuova Accademia di Belle Arti (NABA), and modern buildings occupied by a variety of office tenants, predominantly in the media, advertising and technology industry.
Liz Sworn, Co-Fund Manager for the European Cities Fund, comments: "Via Darwin consists of good-quality buildings and has a strong and well-diversified tenant mix. The asset has produced a stable income and there is an attractive pricing advantage compared to CBD offices. We believe this acquisition is a great fit for the Fund and embodies one of our strategies of investing in up-and-coming regeneration areas in Europe."
Mario Pello, Head of Investment, Italy, at TH Real Estate, comments: "Milan is the most attractive place for businesses, outpacing other Italian cities. Via Darwin is located in the semi-center submarket in the south of Milan. This area has become a desirable location for businesses looking for a variety of office space with several banks, corporations and public institutions having offices in the area."
Via Darwin is the eighth acquisition for the Fund, and the second asset in Italy, following the first acquisition of Meraville Retail Park, one of Italy’s largest retail parks, located in Bologna. Via Darwin represents the third office asset, accompanying The Warehouse in Amsterdam and The Cube project under development by CA Immo in the heart of Berlin.