BC Partners European Real Estate I and Kervis Group have acquired a portfolio in downtown Milan, Italy from Bocconi University.
BC Partners said this transaction represents its first real estate investment in Italy. Kervis will act as local operating partner.
The investors will comprehensively redevelop the two main assets in the portfolio into upmarket new-build apartments for-sale. The assets – Via Balilla 16-18 (~8,000 sqm) and Via Siracusa 5-7 (~2,000 sqm) – have previously served as the SDA Bocconi School of Management and student accommodation, respectively.
Laurian Douin, Partner at BC Partners said: “We are very pleased to conclude BC Partners’ first real estate investment in Italy with the help of Kervis and hope this is the first of many. Milan’s residential market offers healthy fundamentals and attractive dynamics, with constrained supply of new-build quality residential product and strong affordability metrics for Milanese households”.
Giulio Bentivoglio, CEO at Kervis SGR said: “Milan’s residential sector has now come under the spotlight as many institutional investors have entered the market. We believe we are well placed to thrive in this niche. We are delighted to partner with BC Partners and look forward to investing in new projects together leveraging our strong track record and local expertise in the residential sector”.