Merope Asset Management acquired an iconic building in the heart of Milan – via Manzoni 927 Febbraio 2020
Milan, 30th of march 2020
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.
Banco BPM, the third largest Italian banking group, and Merope Asset Management, a real estate investment and development company, founded and managed by the CEO Pietro Croce, have signed an agreement for a loan of over €60 million for the financing of the redevelopment of the assets located in Milan, Corso Venezia 56 and Via Manzoni 9.
The Banco BPM Milan Corporate Market, together with the Real Estate Finance division, has supported Merope with the release of short-medium term credit lines, for the acquisition and repositioning of two of the most iconic buildings in Milan historic city centre.
Merope Asset Management has recently launched Asterope, its new value-add investment vehicle. This is the first multi-asset vehicle created by Merope and focused on the repositioning of trophy asset in Milan, including the two properties already mentioned. The vehicle was entirely subscribed in less than three weeks by prime family offices and private investors and has a total investment target of €110 million.
Pietro Croce, founder and CEO of Merope Asset Management commented: “We are proud to start this new adventure with the support of Banco BPM. We have a very strong investors base and we are supported by one of the largest Italian banking groups. I can only thank Banco BPM and its team whom, in such a difficult moment for Italy, have shown their focus and support on our project”.
Luca Manzoni, Banco Bpm Corporate Manager, added: “Banco BPM continues to support high-quality investments on the Milan Real Estate market. We are glad to support Merope, a young company with high-standing investors, in these two important developments.. Banco BPM still remains focused on supporting Italian companies, even in such a difficult time for our country”.