In December 2019, we acquired two office assets in Milan and Rome. Both assets were sourced off-market through our extensive relationships with both sellers.
- Via San Vigilio (“SV”): 10,000 sqm of WLA office complex in the southern semi-central area of Milan, above the metro station Famagosta and also very well connected by road and buses. The property was acquired fully vacant. It was acquired from the listed Italian REIT Aedes SIIQ S.p.A
- Via Paolo di Dono (“PDD”): 21,300 sqm of WLA partially occupied office building located in the EUR business district in Rome (Laurentina area) characterized by a heavy presence of blue-chip tenants. The property was acquired c. 60% occupied by tenants such as Unilever, Swiss Post, Philips and Vodafone, with rents approximately 30% below market levels. It was acquired from an expiring real estate fund managed by DeA Capital RE SGR
Invel established a dedicated fund, the Drive fund for this acquisition.
The business plan for both assets is based on an active asset management strategy, including a redevelopment/repositioning of both assets.
- SV implies a complete redevelopment of an existing dated office asset with a capex budget of €15 million. Post redevelopment, we will deliver a prime energy efficient office building with a LEED Gold certification. San Vigilio Uno Milan – Business Center
- PDD implies an upgrade/repositioning of an existing asset with a capex budget of €13 million. The plan covers an upgrade in terms of facades, MEP systems and internal spaces in order to support the re-letting targets. A LEED certification is targeted.
Date of Project