Private equity firm Henderson Park has acquired its first assets in Italy with the €221.1 million acquisition of a portfolio of three buildings in Milan.
The office-led portfolio has been bought from Italian utility firm A2A, which occupies the properties but is due to vacate two of the assets immediately and the third in about three years.
The largest property in the portfolio, Corso di Porta Vittoria 4 (pictured above), is an 18,000 sq m standalone office building, which occupies an entire block in the centre of Milan. The six-storey building was constructed in the 1940s.
The second asset, located at Via Balduccio da Pisa 15 in the Porta Romana district in the south-east of Milan, comprises five buildings totalling 6,600 sq m with scope to increase the GLA by 16,000 sq m 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 is a residential redevelopment opportunity with scope for 50,000 sq m of housing.
Henderson Park said that the portfolio offers a number of significant asset management opportunities and it is partnering with Italian investor and developer Maston Investment Management.
“This transaction provides us with an immediate and meaningful exposure to the Italian market through the acquisition of a portfolio of extremely well located assets in Italy’s main financial centre, Milan,” said Henderson Park managing director Christophe Kuhbier. “We have identified a number of opportunities to unlock latent value from within the portfolio, both through our own asset management initiatives as well as by engaging with the wider regeneration and infrastructure improvement projects underway across the city.”