Via della Spiga 5 has been fully let by RALPH LAUREN.17 Dicembre 2019
Banco BPM and Merope Asset Management finalize a € 60 million financing for the development of two trophy assets in Milan. Merope launches Asterope, a new investment vehicle with a total target of € 110 million.30 Marzo 2020
Milan, 27th of February 2020
Merope Asset Management acquired a historical building located in the heart of Milan, in Via Manzoni 9. The investment was split under three separate acquisitions from three independent vendors. With this multiple-acquisition Merope finally reunified the asset.
The property was purchased in three different tranches that occurred between the end of December and today. The total amount of the transaction is right above € 30 million. The main portion of the asset was bought by Polis Fondi SGR, while the two minor portions were bought from two private investors.
The asset has a mixed use of retail and office. Over the past years, it had been the Milanese headquarter of the IFIL Group and after that it was acquired by the real estate fund SOREO I, managed by Polis Fondi SGR. Following the liquidation of the fund, the property was split and the portions were sold separately. Through Merope’s triple acquisition, the iconic building will be owned by a single landlord again.
The property includes 6 floors above ground for a total gross area of approximately 3,000 sqm. Merope Asset Management - whose investment & asset management team is led by Lorenzo Niccolini - will take care of the total refurbishment and repositioning of the asset.
Since its establishment in 2015, Merope Asset Management has focused on the redevelopment of trophy assets in Milan city center. This acquisition, along with the recent purchase of Corso Venezia 56, brings Merope’s real estate transactions to a total value of approximately €500 million.
The agreement follows other major investments in trophy assets located in Milan city center, including the recent acquisitions of Palazzo Bernasconi in Via Palestro 24 - currently under redevelopment and entirely rented to the Cipriani Group - and Via della Spiga 5, which has been fully let to the Ralph Lauren group.
Pietro Croce, Founder & CEO of Merope Asset Management, commented: “We are proud that this extraordinary asset, located right in front of the Poldi Pezzoli Museum, has become part of our portfolio. We are planning important capital expenditures to redevelop the property. This investment perfectly fits our value-add strategy which aims at the repositioning of iconic properties in the centre of Milan, where we stand out as one of the main players thanks to the various deals we executed".
Lorenzo Niccolini, Principal of Merope’s Investment & Asset Management team, added: “Through this acquisition Merope is strengthening its key role position in its specific target market: value-add deals in prime and core locations. We will continue to invest in the redevelopment of iconic trophy assets in Milan with the aim of bringing them to the highest contemporary standards. Our acquisition team is also looking to potential opportunities in Rome and in other Italian historical cities."