Italian asset manager Antirion sgr has entered the residential market with the launch of a new closed-end living fund, called Smart Stay.
The fund was entirely invested by two institutions, privately-held developer-investor Hines and UK fund manager Blue Noble. It focuses exclusively on residential assets including micro-living and serviced apartments.
The fund has made its first acquisition with the purchase of a complex at Milan's via Borgospesso 15 for €70 mln. The property, offering 5,000 m2 of space, is to be redeveloped into 70 serviced apartments.
Mario Abbadessa, senior managing director and country head of Hines Italy, said: ‘Hines continues to invest significantly in the living sector. Within this segment, serviced apartments show strong potential for development and growth with the backdrop of a limited supply in the Milan area.’
Paul Forshaw, CEO of Blue Noble, said: ‘This is the fourth strategic investment we have made in Italywith our longstanding partners, Hines, and grows our portfolio of assets for student residences or short-term stays. We have a strong conviction in the living sector and believe that these two segments, in particular, are set to grow in the primary Italian markets.’