The Italian Real Estate Market in October

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Residential

The City of Milan approved the new plan to transform the former Mameli barracks into houses. After having been closed for a long time, the site will be used for social housing (330 units) and apartments for sale (220 units).

Offices

Castello Sgr sold an asset in Milan, following a binding offer for 21 million € against a property’s appraised value of 22.6 million €.

Always in Milan, Prelios acted as advisor in selling an office building to REAM Sgr. The asset covers 8,200 Sqm and is entirely leased long-term to five tenants.

Finally, Kryalos Sgr sold four buildings covering 42,000 Sq m in total, which are part of Telecom Campus, one of the biggest office parks in Rome.

Banks

Intesa Sanpaolo sold to Mediobanca NPLs totalling 2.6 billion € which are part of a bigger portfolio for a value of 4.4 billion (Kenobi). The portfolio also includes NPLs for 1.9 billion € that went to Banca Ifis, Guber Banca, Deva Capital and Intrum. Deva Capital and Intrum also acquired a non-performing leasing portfolio totalling 1.1 billion (Portland).

Finally, Christofferson Robb & Co (Crc) is the underwriter of the mezzanine and junior tranches of a UTP portfolio held by Intesa valued 2 billion € and named Project M2.

Hospitality

On behalf of Fincos Finanziaria Costruzioni, Aquileia Capital Services sold Grand Hotel Savoia and Savoia Palace, both in Cortina d’Ampezzo, to Grand Investments. The hotels will be rebranded for the 2026 winter Olympic games.

Bain Capital Credit and Omnam launched their new joint venture to invest in the hotel sector and made their first acquisition with Hotel Britannia Excelsior in Lake Como.

Logistics

Logistic investor and developer GLP acquired ten core logistic assets in Northern Italy for a total surface of 230,000 Sqm. This is the second operation on the Italian market for the company. The portfolio includes grade-A assets in strategic locations, mainly in the Milan area. All the assets are leased to logistics, food & beverage and shipping companies.

Meanwhile, Kryalos Sgr acquired four logistic assets in Milan, Rome and Pisa for a total surface of 95,000 Sqm.

In Vigasio (Verona), Prelios will develop a logistic park connected to the Brenner motorway and will partner with Hines to implement the first part of the project, consisting of four logistic facilities covering 20 hectares to be completed by 2023. Once ready, the assets will be transferred to Hines for 120 million €.

Alternative

Hayfin Capital Management acquired 55 telephone exchanges from Clarice Light Industrial for an undisclosed amount. The assets are located throughout Italy, covering a total surface of over 170,000 Sqm.

In Trieste, DoveVivo will implement 22 shared student apartments for 56 beds in total. The student facilities will occupy two historical buildings in the city centre owned by Generali Real Estate.

B-Exclusives

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