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Barings European Value Add Fund Announces Sale of Prime Office Asset in Milan for €136 Million

Oct 09, 2019

Barings Real Estate European Value Add Fund, a fund advised by Barings, one of the world’s largest diversified real estate investment managers, today announces the sale of 9-11 Via Pola (the “Property”), for €136 million. 

The Property is a 16,500 square meter prime office building, located in the central business district of Porta Nuova, Milan. The building was acquired in December 2016 by an Alternative Investment Fund managed by an Italian SGR, fully subscribed by Barings European Real Estate Value Add Fund, in an off-market transaction. 

Via Pola has undergone a comprehensive redevelopment and was successfully repositioned to provide Grade A office space with flexible and extremely efficient floor plans designed to meet the growing demand, and limited supply, of prime office space in Milan’s prominent central business district. The Property is expected to achieve a LEED Gold rating. 

The building is now 85% let to a range of notable businesses, including a serviced office provider and a leading global professional services company.

Valeria Falcone, Portfolio Manager & Real Estate Country Head – Italy, said: “This is a great example of our ability to create value, in this case by delivering an innovative and high-quality Grade A office space. The sale of the newly-refurbished Via Pola is in line with our pan-European value-add investment strategy and is an excellent result for the fund. The office market in Milan remains strong, so we’re confident that 9-11 Via Pola will continue to deliver value for its new owners.”

Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe for Barings, said: “This transaction marks the first “turn around” and sale of a value-add asset that we advised on in Italy on behalf of our pan-European value-add investment strategy. With a sizeable pipeline and additional assets to be sold in the coming months, we look for ways to continue to demonstrate our commitment in this market. We remain interested in identifying assets from core+ to value-add in the office, logistics and high-street retail sectors.”

About Barings
Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more at www.Barings.com.

*As of September 30, 2019

Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity real estate investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

Media Contact

Cheryl Krauss
Communications
300 South Tryon Street 
Charlotte, NC 28202 
Cheryl.Krauss@barings.com

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