Alternative investment manager Investcorp’s European arm has paid €128 million for a 32,000 sq m office building in Rome.
Via Paolo di Dono 44 is wholly let on a long-term lease to a UN agency, the International Fund for Agricultural Development (IFAD). The building was developed in 2008 to accommodate IFAD, which is dedicated to eradicating poverty and hunger in rural areas of developing countries and has been based in Rome since its formation in 1977.
The asset is LEED Platinum Certified, the highest possible certification established by the US Green Building Council, and is one of very few buildings in Rome to receive the certification.
The acquisition is Investcorp’s second in Italy, having first entered the Italian real estate market in October 2021 with the €74 million acquisition of the Milan office of Kering, the owner of Gucci, Yves Saint Laurent and Bottega Veneta.
Since launching its European real estate business in 2017, Investcorp has placed approximately €1.1 billion in 80 properties in the UK, Germany, the Netherlands, Italy and Belgium.
“Italy is a market where we are beginning to see increasing investor interest, given the attractive demand and supply characteristics. The IFAD office is a well-located, modern building with leading green credentials that generates stable, long-term cashflow,” said Pierre de La Rochefoucauld, principal, Investcorp European Real Estate.