1 Oct 2021
Investcorp, a leading global provider and manager of alternative investment products, today announced that its European Real Estate business has entered the Italian market through the Eur 70M acquisition of Via Mecenate, 91 (the “Property”), an office property located near Milan’s Linate airport.
The Property serves as Kering’s Italian headquarters, with its importance underpinned by the lease extension signed shortly before acquisition. The multinational corporation specialises in luxury goods and is the owner of Gucci, Yves Saint Laurent and Bottega Veneta. The Property is located adjacent to Gucci’s Milan headquarters that opened in 2016, a 56,000 sq. m. converted aeronautical factory home to design, showroom and manufacturing functions for the brand.
The Property comprises 18,000 sq. meters of office space, including a canteen and café, spread across nine floors. The Property was fully refurbished in 2019, with only the frame of the existing building being retained. The Property was delivered with a LEED Platinum Core and Shell Development certification in January 2020, the highest possible certification established by the U.S. Green Building Council.
The purchase of The Property expands Investcorp’s real estate portfolio to now include office and industrial properties in the UK, Germany, the Netherlands and Brussels.
Commenting on the acquisition, Neil Hasson, Managing Director – Head of Investcorp European Real Estate, said: “Our latest acquisition is in line with our ongoing focus on expanding our real estate portfolio across Europe, with a focus on acquiring income-producing assets. Milan continues to be the most dynamic market in Italy, with growing demand for office space, and we are pleased to have completed this transaction that we believe can provide stable cash flows in an improving submarket.”