Henderson Park entered the Italian real estate market with the acquisition of a €221 million mixed-use portfolio in Milan.
The London-based private equity property firm said it bought the three-asset office-led portfolio from Italian utility company A2A.
A2A currently occupies the properties and is due to vacate two of the assets immediately, with the third scheduled to leave in approximately three years.
The assets include the six-storey 18,000 m² Corso di Porta Vittoria 4 office building, the Via Balduccio da Pisa 15 asset and the Via Gonin 51 asset in the San Cristoforo Navigli district.
Henderson Park said it plans to reposition the properties to take advantage of “growing occupier demand for new, premium office and residential accommodation with strong sustainability and well-being credentials”.
Henderson Park is partnering with Maston Investment Management, the Italian investor and developer of office and residential properties, for the development of this portfolio.
Christophe Kuhbier, Managing Director of Henderson Park, said the transaction provides the company with immediate and significant exposure to the Italian market through “the acquisition of a portfolio of extremely well-located assets in Italy’s main financial center, Milan”.
Kuhbier said: “We have identified a number of opportunities to unlock latent value in the portfolio, both through our own asset management initiatives and by engaging in the broader regeneration and improvement projects. ongoing infrastructure improvements throughout the city.
“Milan has a limited supply, with demand driven by a growing and increasingly international occupier base, particularly for prime modern office space with strong environmental credentials.”
Eddy Cosenza, Founding Partner of Maston, said: “Henderson Park represents the ideal partner we can work with to acquire and unlock the development potential of this unique portfolio, which I firmly believe is one of the most exciting in Milan.
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