Bahrain-based asset manager Investcorp has entered the Italian real estate market by acquiring Via Mecenate, 91, an office property located near Milan’s Linate airport, for €70 million.
Investcorp said the property serves as Kering’s Italian headquarters, with its importance underpinned by the lease extension signed shortly before acquisition.
The property is located adjacent to Gucci’s Milan headquarters that opened in 2016, a 56,000 sq m converted aeronautical factory home to design, showroom and manufacturing functions for the brand.
The property comprises 18,000 sq m of office space, including a canteen and café, spread across nine floors. The property was fully refurbished in 2019, with only the frame of the existing building being retained.
The property was delivered with a LEED Platinum Core and Shell Development certification in January 2020, the highest possible certification established by the US Green Building Council.
Neil Hasson, Managing Director – Head of Investcorp European Real Estate, said: “Our latest acquisition is in line with our ongoing focus on expanding our real estate portfolio across Europe, with a focus on acquiring income-producing assets. Milan continues to be the most dynamic market in Italy, with growing demand for office space, and we are pleased to have completed this transaction that we believe can provide stable cash flows in an improving submarket.”