Generali Real Estate has won the bid to acquire a residential complex in Milan’s Maggiolina district, from Fondo Pensione UniCredit. Although financial details were not disclosed, market sources put the deal price at over €80 mln.
La Maggiolina is one of the most famous residential areas in Milan, an example of a garden district in a strategic and semi-central area, located between Porta Nuova and Bicocca.
Generali Real Estate has acquired three groups of buildings in the Maggiolina residential complex on behalf of three separate real estate funds managed by Generali Real Estate SpA SGR, to develop them under different strategies.
A part of the complex will be completely redeveloped to create modern apartments for rent, following a multifamily Private Residential Sector (PRS) model, which is the investment strategy of the European Generali Real Estate Living Fund (GRELIV).
Another part will be refurbished towards an innovative senior living formula, with quality housing solutions and dedicated services, specifically designed for a target of over-65, looking for well-being and quality of life.
A third part will be redeveloped and put for sale in due course on the retail market.
Generali Real Estate has a long-standing experience in the residential sector, which today represents around 10% of its European investment portfolio, and takes a central role with GRELIV, part of the broader platform of pan-European funds managed by Generali Real Estate SpA SGR.
Launched in 2020, the fund has a target size of €2 bn and is open also to institutional investors. The fund has already completed more than €200 mln investments in the residential sector which include, alongside the Maggiolina complex, also acquisitions in Germany and in France.
In Germany, Generali Real Estate has acquired the “Max & Sophie” residential complex in Frankfurt’s new Hafenpark district. The newly-constructed complex comprises 316 apartments and retail spaces, for a total 26,900 m2.
In France, Generali Real Estate has acquired a residential asset under construction, whose completion is expected in the first quarter 2023, in Clichy, a rapidly developing area in the immediate north-west of Paris, well connected to the rest of the French capital. The property consists of 33 apartments.
C&W brokered the deal.