Barings Real Estate Advisers Completes First Acquisition in Italy with Investment in Prime Milan Office Asset
Jan 11, 2017
Barings Real Estate Advisers (formerly Cornerstone Real Estate Advisers), one of the world’s largest diversified real estate-focused investment advisers, announces that it has acquired its first asset in Italy as part of its pan- European value add investment strategy.
Barings Real Estate Advisers has secured a 23 000 gross sq m office building in Milan at Via Pola 9/11 within the business district of Porta Nuova for €44.35 million. Constructed in 1970, it is arranged over nine floors above ground with offices and retail as well as two further underground floors. The building has 144 parking spaces and is served by five nearby tube stations and two high speed railway stations. The partially let building will be repositioned to provide Grade A office space with flexible and extremely efficient floor plans.
Barings Real Estate Advisers has acquired the asset from a leading Italian insurance group in an off-market transaction. The investment is being made through Value Add I Italy, an Alternative Investment Fund, which is managed by Kryalos SGR.
Gunther Deutsch, Head of Transactions at Barings Real Estate Advisers, said: “The acquisition of this office building which is strategically located in Milan is perfectly in line with our pan-European value add investment strategy and it’s an excellent entry point for Barings Real Estate Advisers in Italy.”
Valeria Falcone, Barings Real Estate Advisers Italy Country Head, commented: “This off-market acquisition is exactly the type of transaction we are looking to target and represents an important milestone for our investment strategy in Italy. The asset benefits from a prime location within the CBD district, an area with fast-growing demand and limited supply, with excellent real estate fundamentals that will be repositioned through active asset management”.
Paolo Bottelli, CEO of Kryalos SGR, added: "The launch of the Value Add I Italy fund confirms the interest of global investors and the strong standing of Barings, to invest in the Italian real estate market, committing capital to real estate development and asset management opportunities in major Italian cities."
Barings Real Estate Advisers is one of the world’s largest diversified real estate-focused investment advisers. The group is an active investor in private and public, equity and debt markets and provides core, value-added and opportunistic investment and advisory services to institutional and other qualified investors around the globe.
Barings is a $284+billion*global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Learn more, at www.barings.com.
*As at September 30, 2016.
The Kryalos group, formed in 2013 at the initiative of Paul Bottelli, operates in the Fund Management, Asset Management and Advisory with a team of 26 professionals and with assets under management of more than 3 billion euros in the retail, office, logistics and residential. Kryalos SGR S.p.A. It started its activities in August 2015 following the acquisition of Henderson Global Investors SGR S.p.A. and the subsequent change of name of the latter. Besides Value Add I Italy, Kryalos SGR manages 12 real estate funds in the sectors office, retail and logistics, for a total of AuM, taking also into account the preliminary purchase agreements signed to date, approximately 2 billion euros.
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