Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced that it has acquired a mixed-use property located in the center of Milan.
The building is located in Piazza Santa Maria Beltrade 1, at the corner with Via Torino and a few steps from Piazza Duomo. Financial terms were not disclosed.
Real Estate SGR SpA, the Italian-based real estate investment arm of The Carlyle Group, has acquired the building from insurance company Milano Assicurazioni.
Built in 1938, the building comprises a total area of 15,000 m² over eight floors of residential, office and commercial space.
"This transaction confirms Carlyle's strong interest in the Italian market, and Milan in particular," said Valeria Falcone, Managing Director and Head of Carlyle's Italian Real Estate team.
"The building is in line with The Carlyle Group's investment criteria, and we believe that our specialist team of asset managers will be able to maximize the value of the property through active management initiatives, to create a strong return for our investors."
Source: FTI Consulting