Pictet Alternative Advisors (“PAA”) is pleased to announce the completion of Project Galileo, the acquisition of a portfolio of seven historic residential buildings located across prime central Milan. The transaction was completed through PAA’s direct real estate strategy and in partnership with Kryalos SGR, which will manage the portfolio.

UniCredit are the exclusive lender on the transaction.

The portfolio comprises approximately 26,000 sqm of gross area and around 150 residential units, complemented by ground-floor retail space that is characteristic of Milan’s mixed-use urban fabric.

The assets are located across desirable residential districts, including Centro Storico/Duomo, Brera, Magenta and Porta Nuova, and provide exposure to a market that benefits from strong domestic and international demand; increasing inflows of high-net-worth individuals; and a structural shortage of new housing supply.

A targeted value-add programme will be undertaken across the portfolio, focused on upgrading apartments, enhancing common areas, improving resident amenities and modernising selected spaces. The strategy builds on the strong underlying quality of the assets while preserving their architectural identity and character.

The partnership brings together Pictet’s international investment expertise and Kryalos’ established asset management platform and deep knowledge of the Italian real estate market. Kryalos will support the implementation of a long-term strategy designed to preserve and enhance the distinctive qualities of the properties.

Project Galileo follows Pictet’s successful investment in Via Albricci, a value-add residential project in central Milan that was exited ahead of schedule in 2025.

Pablo Granell Peris, Head of European Acquisitions, Direct Real Estate at Pictet Alternative Advisors, commented:
“Project Galileo represents a rare opportunity to acquire scale in some of Milan’s most prestigious residential neighbourhoods through a single transaction. The portfolio combines exceptional locations, attractive historic buildings and significant asset management potential. We continue to have strong conviction in Milan’s residential market, where demand continues to outpace available supply across the city’s prime districts.”

Paolo Bottelli, Founder and CEO of Kryalos SGR, commented: “We are pleased to welcome Pictet as a new investor in this distinctive portfolio and to begin a partnership founded on a shared long-term vision. The properties represent a rare collection of residential buildings in some of Milan’s most sought-after locations, distinguished by their architectural character and their close connection with the city’s urban fabric. Kryalos will manage the portfolio drawing on its extensive knowledge of the assets and the local market to support a strategy that combines careful stewardship and the enhancement of their distinctive qualities over time.”.

Pictet has been advised by BonelliErede (Legal & Tax), EY (Financial), DILS (Commercial) and CBRE (Technical),