French private investment house Ardian has acquired an office building in Milan from a real estate fund managed by InvestiRE Sgr S.p.A. (Banca Finnat Group) through a co-investment vehicle with Primonial REIM France.
The property is located on Amerigo Vespucci 2 street in the heart of Milan’s Porta Nuova district. The building consists of approximately 12,300 sqm of floor space across for a total of 11 floors – of which nine are above ground.
Ardian said the property is mainly vacant and will benefit from a major investment and redevelopment plan to transform it into a Grade A Green+ building. ”This certification is one of the highest sustainability rankings available for minimizing consumption and emissions. As part of the redevelopment, it will also become a Net Zero Energy Building.”
“Ardian will invest heavily in transforming this property through a ‘Build-to-Green+’ strategy. As part of the development, we will work in accordance with the terms of the Paris Agreement to minimize CO2 emissions during construction and over the building’s lifetime. We have already launched a design competition inviting some of the most prestigious international studios to submit plans for the building. Our goal is regenerate an important part of the city by creating an attractive place to live for the local community and turning this iconic building into a pioneering example of sustainable redevelopment. “ Matteo Minardi, Managing Director, Ardian
“Even in a difficult geopolitical and macroeconomic climate, Ardian is continuing to invest in strategically located assets in the Italian real estate market. As a result of the Covid-19 pandemic and amid the energy transition, we have seen a shift in demand towards higher quality assets aligned to international ESG standards. Ardian’s strategy is to respond to this market trend by delivering high-performing and sustainable assets.” Rodolfo Petrosino, Senior Managing Director, Ardian