Milan, Italy’s economic and business capital, continues to be a magnet for foreign investors. It was announced yesterday that JPMorgan has completed the acquisition of the San Babila Portfolio, a series of core assets worth €112 million and located around the most central square in Milan, Piazza San Babila.
The acquisition of the 16,000 sq m portfolio was made by a joint venture between JPMorgan and Maston Investment Management as operating partner. JPMorgan has bought it for one of its real estate funds.
Maston IM is a Milan-based Italian investor and developer of office and residential properties which operates as joint venture partner with large institutional investors like JPMorgan, Henderson Park, Goldman Sachs and BlackRock.
The sellers of the assets were a range of companies, including Kryalos and Coima, as well as some private individuals.
JPMorgan and Maston IM have already indicated their plan to invest in the assets, restoring them and upgrading them to bring them back to their original state.
The portfolio includes buildings in some of Milan’s best-known streets, like via Durini and Corso Europa, and retail landmarks like Galleria Strasburgo.
Maston IM was founded this year by Eddy Cosenza but it has evolved out of a company called Eurotekna Group that has been active since 1967. The newly-named group has been very active in the last two months, totalling over €400 million in investments as operating partner.
In February, together with Henderson Park, the London-based private equity company, it managed the acquisition of another portfolio of three buildings in Milan sold by Italian utility company A2A for over €221 million.
Now Maston IM’s real estate assets under management, all located in prime areas of Milan, have reached €1.5 billion and the group has 300,000 sq m under development.