Kryalos SGR and Fabrica Immobiliare SGR have today announced that the sale of a prestigious sky/ground property in Via Principe Amedeo, 5 in Milan by Thesaurus fund, managed by Kryalos SGR and sponsored by Blackstone, to Cicerone Comparto Tre fund, managed by Fabrica Immobiliare SGR and fully subscribed by Cassa Forense, has been completed.

Primarily for office use, the property is located in Milan’s vibrant Central Business District, just a few moments from Via Turati. Acquired by the Thesaurus fund in 2020, it spreads over five floors above ground, plus a basement level used as a warehouse, for a total area of more than 10,000 square meters.

The property is fully leased to two tenants of primary standing, including an Italian top tier law firm. Fully renovated in 2019, it features top sustainability standards, with LEED Gold and BREEAM In-Use Excellent certifications, attesting to its energy efficiency and attention to ESG criteria.

A prime strategic asset, perfectly integrated into the economic and financial structure of the city, with exceptional accessibility and unique features within the Milanese real estate scene. 

“The sale of this prestigious Milanese office property, underpinned by high quality and solid leases, confirms that this asset class, particularly in the high-end space, continues to be characterised by excellent liquidity thanks to constructive market fundamentals that confirm interesting yields and strong values per square meter. Milan’s Central Business District is proving to be one of the most attractive areas for investors”, commented Paolo Bottelli, Founder and CEO of Kryalos SGR.

“The purchase of the property in Via Principe Amedeo in Milan best represents the strategy of the Cicerone fund, promoted by the Cassa Forense, which is focused on the pursuit of quality and sustainability, the best guarantees for long-lasting investments”, commented Giovanni Maria Benucci, CEO of Fabrica Immobiliare SGR. 

Kryalos SGR was assisted by DLA Piper for legal assistance, and by EY for tax and technical assistance.

Fabrica SGR was assisted by the law firm Curtis, Mallet – Prevost, Colt & Mostle LLP for legal activities and by Yard Reaas S.p.A for technical and ESG activities.

Kryalos and Fabrica were both assisted by DILS as intermediary.

Thesaurus is a closed-end real estate fund reserved for professional investors with Core Plus risk/return profile sponsored by Blackstone and managed by Kryalos SGR. 

With approximately €14 billion of properties under management and a team of 125 professionals, Kryalos SGR is one of the most active players in the Italian real estate market. The company offers transaction management, real estate and credit fund management, development and advisory services and is partner of Italian and international leaders. Further information on www.kryalossgr.com

Cicerone is the real estate fund set up by Fabrica SGR as a result of the tender called by Cassa Forense for the selection of an asset management company to manage a real estate fund with a pan-European asset allocation, which the institution will be able to underwrite both through liquidity and through the contribution of real estate properties. The Fund has been operational since 2014 and, since 2020, is divided into three sub-funds: Sub-fund Three, to which the property just acquired belongs, has in its portfolio 26 properties mainly for office and commercial use located in Italy.

Fabrica Immobiliare SGR is an asset management company dedicated to the establishment and management of real estate funds operating since 2005. One of the main Italian players, Fabrica manages 17 funds for total assets of approximately €6 billion. Over the years, the asset management company, implementing a policy oriented towards transparency in management activities and international best practices, has established itself with leading Italian institutional investors, who now account for over 90% of assets under management. More information on: www.fabricasgr.it