Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Ardian acquires real estate portfolio from Banca Monte dei Paschi di Siena

Saturday, February 29, 2020
Opalesque Industry Update - Ardian, a world leading private investment house, has signed an agreement with Banca Monte dei Paschi di Siena for the acquisition of a portfolio composed of 28 properties, owned by the MPS Group. The agreement concludes a competitive process started in July 2019. This follows a period of exclusivity granted to Ardian on February 10.

The portfolio consists of 28 buildings primarily intended for office use mostly located across Milan, Rome, Florence and Padua. The total commercial area spans across approximately 90,000m².

Notably, the portfolio includes five historical buildings which carry unique historical value and are considered artistically and architecturally significant. Between them they represent most of the value of the entire portfolio. Among these buildings is the Bank's historic headquarters in Milan in Via Santa Margherita, a few steps from Piazza della Scala. The façade on Piazza Ferrari was designed by prominent architect, designer and urban planner Luigi Caccia Dominioni. Palazzo Alinari in the historical centre of Florence and late 19th century building in the famous Via del Corso in Rome that connects Piazza Venezia to Piazza del Popolo.

According with Ardian's strategy, these five prestigious buildings will be the subject of redevelopment which will aim to create office and retail space.

In the coming weeks, Banca MPS and Ardian will enter into a Preliminary Sale and Purchase Agreement. The completion of the planned acquisition, for most properties, will be complete by the second half of 2020.

Rodolfo Petrosino, Senior Managing Director Southern Europe of Ardian Real Estate, commented: "We are very pleased about the acquisition of this significant real estate portfolio, boasting some unique trophy assets. Our investments in Italy, in the real estate sector, now rise to around €1 billion and positions us among the most active players in the Italian market. This is largely due to the skills and experience of our local team and Ardian's international platform. We have already made significant investments in Italy and we will continue to select promising opportunities in the core-plus and value-added real estate segment".

Advisors for Ardian were NCTM for the legal, fiscal and administrative part, Studio Gattai, Minoli, Agostinelli Partners and Studio Legale Gattamelata e Associati for the administrative due diligence and REAAS for the technical and environmental due diligence.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1