Kryalos SGR has sold a real estate complex located in viale della Giovine Italia, 17 in Florence to a club deal of private investors for €31 million.
Originally built as the headquarters of an important national newspaper, the complex was purchased at the end of 2014 by Pacific 1 fund, a Blackstone-sponsored closed-end real estate fund managed by Kryalos SGR, through a sale and leaseback transaction.
The complex is composed of eight buildings and is located in the historic center of Florence, in the Santa Croce district, overlooking Viale della Giovine Italia, Via Ferdinando Paolieri and Largo Pietro Annigoni.
Over the last three years, following the main tenants’ spaces release, Kryalos SGR has carried out an important asset management activity which focused on the repositioning of some parts of the building complex and on the subsequent leasing of the spaces to national and international tenants. Today, the property is entirely leased to 16 primary tenants with a WALL of more than five years.
Furthermore, following the renovation activities carried out by the SGR according to high quality, environmental and energy standards, in March 2023 the building obtained the BREAAM-in use certification.
Paolo Bottelli, CEO of Kryalos SGR :“The transaction confirms that a careful asset management activity, such as the one conducted by Kryalos for the property in viale della Giovine Italia, together with the execution of targeted improvement projects to increase the value of the investment, make it possible to reposition and make attractive properties strategically located in Italy for investors looking for stabilised products.
This is an extremely important deal for the Florentine real estate market which also demonstrates the solidity of the urban office sector, both in terms of the rental market and in terms of capital markets.”
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