PATRIZIA picks up landmark Milan office
Increases longstanding commitment to the Italian real estate market.
- Acquisition of the Giò Ponti-designed Palazzo Montedoria building
- Acquired for single investor fund
- Impressive recent growth of Milan’s office sector expected to continue
Augsburg/Milan, 4 December 2018. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it has acquired the Palazzo Montedoria office building in Milan from BNP Paribas REIM for one of its single investor funds. The Palazzo Montedoria building is considered a landmark in Milan. Designed by the late architect Giò Ponti, it offers around 6,000 sq m of lettable space, is BREAM certified and its location in the new CBD of Porta Nuova means it is well-connected to the city’s transportation infrastructure.
Marco Grassidonio, PATRIZIA’s Country Manager & Head of Asset Management Italy, commented: “The office real estate market in Milan has shown excellent growth over the last few years and is expected to build on this momentum. This landmark acquisition represents a key milestone for PATRIZIA in Italy and confirms the company’s ambition to continue investing in Italy across all asset classes as an important region for diversification of our clients’ portfolios.”
This acquisition increases PATRIZIA’s assets under management (AUM) in Italy to EUR 530m, and takes its pan-European office AUM to around EUR 14.5bn.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages around EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
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