CBRE Investment Management has purchased a residential building in Rome’s Talenti district. The seller is a joint venture between Incus Capital and IGS S.p.A. The terms of the deal were not disclosed.
The asset will undergo significant refurbishment with work being undertaken by the seller’s construction company MED Scpa. When complete, it will consist of 225 rental residential units spread over seven floors, as well as 225 parking spaces. The asset will comprise two buildings, arranged in an L-shape and a central square with green areas. Apartments will be equipped with balconies and a number of amenities will be provided for residents including a reception, coworking area, laundry room, gym and recreational space. Aligning with CBRE IM’s sustainability ambitions, the redeveloped asset is targeting Italy’s highest energy class and LEED Gold certification for Building Design and Construction.
The asset is located in the Talenti district, a popular residential area in the northeast of Rome. The neighborhood is characterised by its abundance of green space, and its excellent amenities, including schools and kindergartens, sporting facilities, shopping centers and various public transport links. The Talenti district is 8km from the city centre and provides easy access to three of the city’s primary roads - GRA, Via Salaria and Via Nomentana. Most of the homes in the Talenti district are relatively new, having been developed over the last 30 years, and are equipped with private gardens, terraces and swimming pools; as a result, this area is popular with Rome’s upper-middle classes.
Alberico Radice Fossati, Head of Transactions Italy at CBRE Investment Management, said: “The Italian multifamily market is still in its relative infancy, compared to some of the other major European markets, and is gathering strong interest from international investors, who have driven the recent growth in investment volumes. We believe that this asset will deliver strong rental yields due to its excellent location, strong ESG credentials, Grade A amenities and where there is a minimal supply of high-quality apartments.”
