An Italian pension fund has acquired 50% of the PwC tower in the Citylife area of Milan, paying Generali insurance company €160 million.
Enpaia, the national agriculture sector pension fund, has bought 50% of the Rubens Fund, which owns the tower designed by the architect Daniel Libeskind and dubbed “The Curve” because of its distinctive shape. Generali Real Estate will continue to hold the other 50% share of the tower.
The 34-storey building has been known as PwC tower since the international consulting group moved in last summer. According to reports, PwC is paying €200 million for a 15-year lease for its new Italian HQ.
The tower, 175m high, is the third tallest in Milan after the Allianz tower nearby (242m) and the Unicredit headquarters in Porta Nuova (231m). At its summit there is a 40-metre steel and glass dome which, according to the architect, was inspired by the Italian Renaissance. The building is energy-efficient and the office space inside was designed with tenants’ wellness in mind, in line with current trends.
The Citylife quarter is yet another example of urban regeneration in Milan, with a public square, many residential buildings and a large shopping centre with a food mall, all set in parkland and within one of Europe’s largest pedestrianised areas.
PwC tower is one in a trio of skyscrapers
The curved PwC tower completes the trio of skyscrapers at its centre that includes the Allianz Tower, designed by Arata Isozaki and known as “The Straight One” and the Generali tower, designed by Zaha Hadid and nicknamed “The Twisted One”.
For Enpaia the acquisition adds a valuable investment in Milan to the pension fund’s real estate portfolio, which includes over 1,000 residential units and 300 commercial buildings, mostly located in Rome.
“This is an investment that will generate a substantial income for us and will pave the way to other real estate deals in future,” said Giorgio Piazza, president, Enpaia. “We are particularly interested in partnerships with institutional investors and asset managers to guarantee long-term investments that offer the best possible risk/reward balance for our pension fund.”