German real estate investor Union Investment has made its debut in the Milan office market with the acquisition of a historic downtown property from Italy's Coima. According to IPE Real Assets, the deal volume for Piazza San Fedele 1-3 is understood to be just over €200 million. The transaction will take the form of the creation of a new SICAF investment vehicle on behalf of Union Investment and managed by Coima, aimed at investing in prime sustainable assets, and expanding its scope with further acquisitions in the Italian market. The Piazza San Fedele 1-3 office building is located in Milan’s historic business district and has been disposed by the Qatar Investment Authority (QIA) Italian property fund, managed by Coima.
Coima purchased Piazza San Fedele 1-3 on behalf of the Qatar-backed QIA Italian property fund in 2018. The fund’s portfolio currently includes direct investments for a total of six properties in Milan comprising approximately 40,000 square metres. Union Investment is acquiring the project through Unilmmo: Deutschland, an open-ended real estate fund, from the QIA Italian property fund in an off market transaction.
Source: propertyeu.info on the 8th of august