Milan, Italy: Behind the shuttered doors and shopfronts of Brera, Magenta and the Duomo, seven historic residential buildings have quietly changed hands. Pictet Alternative Advisors has completed Project Galileo, acquiring the portfolio through its direct real estate strategy in partnership with Kryalos SGR, which will manage it. UniCredit is the exclusive lender.
The portfolio totals approximately 26,000 m² of gross area and around 150 residential units, with ground-floor retail typical of Milan's mixed-use urban fabric. The buildings sit across Centro Storico/Duomo, Brera, Magenta and Porta Nuova, in a market backed by domestic and international demand, rising inflows of high-net-worth individuals and a structural shortage of new housing. The purchase price was not disclosed.
A targeted value-add programme will upgrade apartments, enhance common areas, improve resident amenities and modernise selected spaces, while preserving the buildings' architectural identity. The deal follows Pictet's investment in Via Albricci, a value-add residential project in central Milan that was exited ahead of schedule in 2025.
Pablo Granell Peris, Head of European Acquisitions, Direct Real Estate at Pictet Alternative Advisors, said: "Project Galileo represents a rare opportunity to acquire scale in some of Milan's most prestigious residential neighbourhoods through a single transaction." He added: "We continue to have strong conviction in Milan's residential market, where demand continues to outpace available supply across the city's prime districts."
Paolo Bottelli, Founder and CEO of Kryalos SGR, said: "We are pleased to welcome Pictet as a new investor in this distinctive portfolio and to begin a partnership founded on a shared long-term vision." Kryalos will draw on its asset management platform and knowledge of the Italian market to carry out a long-term strategy. Pictet was advised by BonelliErede on legal and tax, EY on financial matters, DILS on commercial aspects and CBRE on technical matters.
For investors and developers, the key variables are how far rents can rise after upgrades, and how far heritage constraints and tightening energy-performance requirements for older buildings will limit or add to the cost of the works.
People mentioned
- Pablo Granell Peris, Head of European Acquisitions, Direct Real Estate, Pictet Alternative Advisors
- Paolo Bottelli, Founder and CEO, Kryalos SGR
Companies mentioned
- Pictet Alternative Advisors: acquirer of the portfolio through its direct real estate strategy
- Kryalos SGR: partner in the acquisition and manager of the portfolio
- UniCredit: exclusive lender
- BonelliErede: legal and tax adviser to Pictet
- EY: financial adviser to Pictet
- DILS: commercial adviser to Pictet
- CBRE: technical adviser to Pictet
Get the latest commercial real estate news, investment insights, and property trends from Europe Real Estate, trusted by professionals since 1999.
Sign up for free weekly updates. Join here
