Henderson Park, the private equity real estate firm headquartered in London, announce the acquisition of a portfolio of three well located assets in Milan for €221.1 million. The office-led portfolio has been acquired from Italian utility firm A2A, which currently occupies the properties and is due to fully vacate two of the assets immediately, with a planned departure from the third in around three years. This transaction is Henderson Park’s first in Italy and further extends its reach across key European cities.
The portfolio offers a number of significant asset management opportunities, with Henderson Park looking to reposition the properties in order to take advantage of increasing demand from occupiers for new, prime, amenity-led office and residential accommodation with strong sustainability and wellness credentials.
The largest property in the portfolio, Corso di Porta Vittoria 4, is an 18,000 sqm standalone office building, which occupies an entire block within Milan’s historic city centre just five minutes from the world famous Duomo. Originally constructed in the 1940s, the attractive six-storey office building has entrances on each of its four sides and a car park at underground level. While the property is well maintained and in good condition, it presents the opportunity to enhance value and maximise its prime location through a refurbishment programme.
The second asset is located at Via Balduccio da Pisa 15, in the heart of the vibrant Porta Romana district in the south-east of Milan, situated on a former railway yard undergoing significant regeneration. This area has attracted substantial investment, which will see the c. 20 hectare(190,000 sqm) site transformed into a large urban park framed by innovative residential, office and leisure developments, which are in various phases of construction.
Sitting next to the renowned Symbiosis development and just south of the upcoming 2026 Winter Olympics Village, the asset comprises five buildings totalling 6,600 sqm that are currently dedicated to office and storage space and surround a central yard that is used as a car park. The buildings offer potential to increase the GLA by 16,000 sqm and undertake a comprehensive repositioning suited to both residential and office uses.
The third asset is on Via Gonin 51 in the San Cristoforo Navigli neighbourhood, in the south-west of Milan. It presents an opportunity to deliver a 50,000 sqm residential development which capitalises on local infrastructure works, that will further improve the area’s connectivity with the imminent arrival of a new M4 metro line, as well as the creation of a significant new green space on the former San Cristoforo railway yard. The asset, which was predominantly used for storage, sits on a large site presenting a range of redevelopment options, with a number of successful residential and commercial schemes in its vicinity.
Henderson Park is partnering with Maston Investment Management (“Maston”), the Italian investor and developer of high-quality office and residential properties, on the development of this portfolio.
Source : Joint release