Virtus Fund, a closed-end real estate fund sponsored by funds managed by Blackstone, has sold a mixed-use complex located in Milan CBD to Inarcassa RE Comparto Uno Fund managed by Fabrica Immobiliare SGR S.p.A.
Dils acted as advisor in the sale of the mixed-use complex (mainly office use with a retail flagship store) named Forma.
The complex is located in Milan’s CBD, one of the city’s most exclusive and strategic areas, just a short walk from Piazza del Duomo and Piazza San Babila. The asset benefits from two entrances – from Via Verziere 11 and Via Cavalotti 14 – and undergone major renovation works, completed in 2021. The complex consists of two connected buildings, the first develops on nine floors above ground while the second on five floors above ground.
The asset is LEED Gold and BREEAM Excellent certified, and features a distinctive and essential design, with bright spaces characterised by modern and refined interiors connected with outdoor spaces, including an inner courtyard, terraces, and a rooftop with an astonishing panoramic view of Milan.
Strategic CBD locations and asset quality, together with ESG credentials confirm to be the main drivers of choice for core investors. Domestic buyers continue to be very active in securing deals in a competitive market environment.