Generali Real Estate S.p.A. – Società di Gestione del Risparmio (GRE SGR), manager of the Effepi Real Estate closed-ended fund, has completed the sale of an office building located in Milan (viale Fulvio Testi 250) to AXA Investment Managers – Real Assets, on behalf of clients, for over €44 million.
Alberto Agazzi, CEO and General Manager of GRE SGR, said: “At the core of our asset management activity is value creation. Not only for our investors, but also for the tenants of our buildings and for the local communities, contributing positively to urban transformation. In this sense, the redevelopment of viale Fulvio Testi 250 represents a success story we can be very proud of.”
Built in the Eighties, the property consists of six aboveground and two underground floors. In 2015 GRE SGR completed an ambitious refurbishment that gave it a new, modern, functional and environmentally sound identity.
As a testament to the high quality of the project, the building has been chosen by ING Bank to house its Italian headquarters.
The sale, which completes the value creation process undergone by GRE SGR, has ensured a significant return to fund investors.
Together with two other redevelopments currently being carried out by the Effepi Real Estate fund in the area (viale Fulvio Testi 280 and via Chiese 72-74, for a total of 45.000 mq), this project has contributed to establishing Bicocca as one of Milan’s most dynamic business districts, with an impressive growth in market value and rental prices.
GENERALI REAL ESTATE SGR S.p.A.
Generali Real Estate S.p.A. – Società di Gestione del Risparmio manages the real estate activities of the Generali Group in Italy. With around €10 billion of assets under management as of end of June 2017, GRE SGR is one of the largest real estate asset managers in Italy.
Generali Real Estate S.p.A. is one of the world’s leading real estate asset managers with more than €25 billion of AuM as of end of June 2017.
By managing a unique mix of historical and modern properties, Generali Real Estate has developed best-in-class skills in the fields of technological innovation, sustainability and urban development.
Source : Company