PAREF Group announces a main step in its international expansion with the acquisition signed today through its subsidiary PAREF Investment Management, of an asset management platform based in Italy from Fosun Group.
This platform is currently managing the refurbishment of the asset « The Medelan » located in Milan for the account of Fidelidade insurance company. This mix-used asset of ca. 55,000 sqm is located in the historical inner city of Milan and will offer the best in class standards in particular from an environmental point of view with a Leed Platinium certificate.
Thanks to this new platform PIM Italy and the management of The Medelan project, PAREF Group accelerates its third-party management activity for institutional investors, and reinforces its expertise in managing complex and huge refurbishment and redevelopment projects.
Following this acquisition, PAREF asset under management exceeds 2 billion euros. The group is now present in France, Germany, Italy and Switzerland, and intends to expand its activities in Italy through PIM Italy and more generally, in Europe.