Milan, 22 June 2023 – Kryalos SGR, a private and independent asset management company with €12 billion of AuM and among the SGRs “Significant by size” according to the definition contained in the Bank of Italy Regulation, announces the sale of the real estate complex located in viale della Giovine Italia, 17 in Florence to a club deal of private investors for a value of approx. €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.

“The transaction – said Paolo Bottelli, CEO of Kryalos SGR – 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.”

Kryalos SGR was supported by Chiomenti as legal counsel and by EY for technical and tax advisory activities. The purchaser was supported by Paratore Vannini & Partners – Studio Legale e Tributario and by Elaia 1986 Società Benefit for technical advisory activities.

Claudio Cosetti
Barabino & Partners
Tel. +39 02 72023535
Cell. +39 335 7491683

Raffaella Ciafardini
Kryalos SGR
Tel. +39 02 92947100
Cell. +39 334 9953902