Partners Group has acquired two prime Milan office properties through a €233 million secondary sale. The properties, located in Via Monte Rosa and Viale Sarca, were purchased from Unicredito Immobiliare Uno, an Italian closed-end real estate vehicle.
Both Partners Group and Unicredito walked away “happy”, Partners Group said in an announcement: “This transaction again demonstrated the importance of having a deep local network and the ability to provide tailored solutions to generate win-win situations for both the seller and buyer,” said Fabian Neuenschwander, senior real estate professional at Partners Group.
One of the properties, Via Monte Rosa 91, was designed by architect Renzo Piano and is “one of the most iconic Milanese office assets” claimed Partners Group. Tenants include Italian publishing company Il Sole 24 Ore and professional services firm PricewaterhouseCoopers. The second property, Viale Sarca 222, had been converted from a former industrial property into an office building that is now the headquarters of tyre manufacturer Pirelli.
Partners Group’s real estate secondaries team will retain Rome-based real estate management company Torre SGR as its operator for both assets.
The transaction comes months after Partners Group acquired a property fund in Switzerland. The firm purchased a portfolio of 14 Swiss properties owned by real estate fund Helvetica I Swiss Real Estate Danmark.
The firm also acquired a €300 million tail-end Nordic real estate portfolio in September.
Partners Group held a final close on its second global real estate secondaries fund on nearly $2 billion, raising almost $1 billion more than expected in October.