Ardian, a private investment firm, has signed an agreement with Banca Monte dei Paschi di Siena(BMps) for the acquisition of a commercial property portfolio in Italy, owned by the MPS Group. The purchase price was not disclosed.
The commercial property portfolio in Italy consists of 28 buildings primarily intended for office use mostly located across Milan, Rome, Florence and Padua. The total commercial area spans across approximately 90,000m².
In the coming weeks, Banca MPS and Ardian will enter into a Preliminary Sale and Purchase Agreement. The completion of the planned acquisition, for most properties, will be complete by the second half of 2020.
Notably, the portfolio includes five historical buildings which carry unique historical value and are considered artistically and architecturally significant. Between them they represent most of the value of the entire portfolio. Among these buildings is the Bank’s historic headquarters in Milan in Via Santa Margherita, a few steps from Piazza della Scala. The façade on Piazza Ferrari was designed by prominent architect, designer and urban planner Luigi Caccia Dominioni. Palazzo Alinari in the historical centre of Florence and late 19th century building in the famous Via del Corso in Rome that connects Piazza Venezia to Piazza del Popolo.
According with Ardian’s strategy, these five prestigious buildings will be the subject of redevelopment which will aim to create office and retail space.
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”Our investments in Italy, in the real estate sector, now rise to around €1 billion…”
“We are very pleased about the acquisition of this significant real estate portfolio, boasting some unique trophy assets. Our investments in Italy, in the real estate sector, now rise to around €1 billion and positions us among the most active players in the Italian market. This is largely due to the skills and experience of our local team and Ardian’s international platform. We have already made significant investments in Italy and we will continue to select promising opportunities in the core-plus and value-added real estate segment.” said Rodolfo Petrosino, Senior Managing Director Southern Europe of Ardian Real Estate.
Advisors for Ardian were NCTM for the legal, fiscal and administrative part, Studio Gattai, Minoli, Agostinelli Partners and Studio Legale Gattamelata e Associati for the administrative due diligence and REAAS for the technical and environmental due diligence.
