Invesco Real Estate, a global real estate investment manager, is pleased to announce the sale of Via Sassetti 32, a 7,000 m² office tower which the firm has extensively refurbished into a prestigious state-of-the-art, modern space designed by Lombardini 22. The purchase price was undisclosed.
The sale of Via Sassetti marks a milestone for Invesco as it was the first acquisition for the firm in Italy in 2015 since establishing its real estate presence on the ground in Milan in 2014, headed up by Carlo Romanò. It was also the first acquisition for a global separate account mandate in the Italian office market. Since this acquisition, the firm has undertaken a number of transactions in the region with current AUM now at US$250m and additional appetite from a number of pooled and separate account mandates to invest into the region.
Carlo Romanò, Director - Transactions in Italy for Invesco Real Estate, commented: "We're extremely proud of the value that our local asset management team created on this asset, which demonstrates Invesco’s ability to reposition an under-utilised asset and redevelop it into a grade A office space for a growing and modern office district.”
Via Sassetti 32 benefits from an extraordinary visibility and an excellent public transport network and is located close to Porta Nuova and adjacent to the historic district Isola which has been renovated over the past recent years, thus becoming an integral part of the urban planning project that is redesigning the skyline of Milan.
As a reflection of Invesco’s ongoing growth in Italy and to further strengthen the local team in Milan, Massimo de Paolini joined Invesco at the beginning of September to lead the asset management activities in Italy.
Invesco was advised by GVA Redilco in the disposal of the asset to a prime institutional owner occupier.
