Partners Group has agreed to acquire a portfolio of prime residential properties in Milan, from Fondo Pensione Cariplo.
The portfolio has a Gross Asset Value of over €260 million, including a significant Capex programme.
It consists of six standing assets with 590 units that have a Net Leasable Area of more than 50,500 square meters. The assets include modern as well as value-add mixed-use towers and iconic neoclassical buildings that are largely located in the historic center of Milan.
The transaction follows an earlier purchase of a residential property portfolio in the city in 2021. Following completion of this latest acquisition, Partners Group's total residential property portfolio in Italy will have a combined stabilized GAV of around €800 million and more than 1,300 units.
As part of its value creation plan, Partners Group aims to transform the portfolio into a Class A product, with key initiatives including renovating units and investing in amenities. Partners Group will also add the portfolio to OnPlace, a property management platform in Milan that the firm launched in 2022 in partnership with Investire SGR.
OnPlace acts as a platform for renting properties in the city and provides existing tenants with access to add-on services, including concierge, furniture packages, on-site maintenance, and brand partnerships.
Source: propertyeu.info on the 8th of October