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The Italian Real Estate Market in April

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Amundi acquired the former HQ of Banca Agricola Milanese in Milan, for €120.5 million. The asset is entirely leased to We Work and covers approximately 11,200 Sqm.

InvestiRE completed the sale to a family office of two office buildings in Milan, covering 15,000 Sqm in total. Both assets had been recently requalified and are almost entirely leased to primary standing tenants. One building is in the dynamic area of Morimondo/Navigli, while the other one is strategically placed close to MIND and CityLife. The operation was part of the divestiture of the Pegasus fund managed by InvestiRE.

Meanwhile, the iconic Liberty Tower in Milan, held by the joint venture between Hines and PPGM, will be put on the market for around €150 million. The tower covers 6,000 Sqm for 11 floors in total and 47 metres in height. The asset is entirely renovated and currently leased to Ardian and Business Integration Partners.


Pradera Real Estate Investment completed on behalf of Crestline the acquisition of shopping centres Il Ducale (Pavia) and Costaverde (Campobasso) respectively from Bain Capital and Kryalos. Il Ducale covers 40,000 Sqm and offers over 60 shops, while Costaverde has a 21,000 Sqm surface for more than 40 shops and an area for shows and events.

Immofinanz acquired with an off-market operation the retail park Terminal Nord in Udine. Terminal Nord covers 33,000 Sqm and offers 36 retail units.

InvestiRe sold the building accommodating Coin department stores in Rome. The asset, which covers 7,000 Sqm and develops over four floors, was part of the Project Dream portfolio owned by Apollo Global Management.


Casa Cipriani will be inaugurated in June in Milan city centre. The hotel will open in Palazzo Bernasconi, which is part of Merope Asset Management portfolio. The property covers 4,000 Sqm and develops over four floors aboveground and two underground. The total investment for its requalification amounts between €15 and €20 million. Casa Cipriani will offer two restaurants, a boutique hotel with 12 rooms, a bar club, a wellness and fitness centre.

Erqole (Qarlbo AB) will turn a part of the former Cirio factory in Monte Argentario (Grosseto) into a luxury hotel and re-launch Don Pedro Hotel under the name La Roqqa. The company signed an agreement with the Region of Tuscany and the Town of Monte Argentario to strengthen its presence in the region.


Coima completed the off-market purchase from Logiman of a portfolio consisting of seven Grade-A logistic developments located around Milan and Veneto for €300 million. 80% of the assets will be developed on behalf of clients operating in 3PL, e-commerce and shipping, with particular attention to the ESG profile of the facilities. All the assets are expected to be ready by 2023.

With an €8 million investment, Unieuro aims to expand its warehousing and goods-handling capacity to 200,000 Sqm by the end of 2023. The company opened a new logistic hub in Colleferro (Rome), covering 50,000 Sqm. The new facility is leased from developer Vailog through a 9-years contract. Unieuro is also extending its warehouse in Piacenza, adding 36,000 Sqm to the existing 104,000.


Hines acquired in partnership with Allianz RE a 110,000 Sqm area in Milan to develop a last-mile logistic hub. The new hub will be implemented with a total investment of €80 million and will be ready in 36 months. The asset will be compliant with the CREEM sustainability metrics and part of the requalification project that concerns the Rubattino area.

GLP acquired buildable land in Colleferro (Rome) to develop a new Grade-A warehouse with a 24,000 Sqm total GLA. The asset will have Very Good BREEAM certification, and the works are expected to start in Q3 2022.

Finally, Foruminvest Italia acquired an 11,500 Sqm land plot to develop a new hotel in MXP Business Park, close to Milan’s Malpensa airport. The hotel will offer 240 rooms, a fitness centre, a restaurant, a bar, a swimming pool and a panoramic terrace. Construction works will start in Q2 2022, and the inauguration is expected by Q4 2023. The transaction was finalized with Villa Carmen Srl, a joint venture of Schiphol Real Estate, Finiper and Michele Molina CM.

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