Kryalos sells portfolio of seven commercial buildings in Milan
Kryalos Sgr, the independent Italian asset manager, has sold a 62,000 sq m commercial real estate complex in Milan on behalf of its Artemide real estate fund. The name of the buyer, described as a leading private investor and developer, was not disclosed.
The complex was part of the vast portfolio of Enpam, the Italian doctors’ pension fund. In 2022 Kryalos was selected by the Enpam Foundation to manage 26 of its buildings, including some trophy assets. The buildings are located mainly in Rome and Milan and are worth around €280 million. Kryalos has so far sold 17 of them.
“The sale of the complex in via Lorenteggio is an important step in the mandate to enhance the value of the former Enpam portfolio which has been entrusted to us,” said Paolo Bottelli, CEO, Kryalos. “The area, composed of seven building, is strategic both for its size and for its location within the city of Milan.”
The seven buildings in the complex are mainly used as offices and will be totally refurbished and upgraded. The total area is over 150,000 sq m and there are 800 parking spaces in the basement.
The assets were built in the 1980s and is located in via Lorenteggio 257, part of the Lorenteggio-Bisceglie area which is earmarked for development and regeneration. Milan’s fourth metro line will open shortly, making the area easily reached by public transport.
Kryalos, which has €12.5 billion in assets under management, has long been Blackstone’s partner in Italy. Last December the American group acquired a 35% stake in Kryalos Investments, Kryalos Sgr’s holding company.
Blackstone said it was a purely financial investment. The US company is not represented on the Kryalos board and the Kryalos management structure, with Bottelli as CEO and Andrea Amadesi as chairman of the board, has not changed.
