GVA Redilco acted as advisor in the off-market sale of an office building in the center of Milan, in Corso di Porta Vigentina 9.
The asset, with a gross area of approximately 5,000 sqm, was sold by the Value Add II Italy Fund, managed by Savills Investment Management SGR on behalf of a Barings' pan-European real estate fund, to an end user, a leading insurance company for their new headquarters.
Acquired by Barings in May 2019, the property underwent significant renovation which included complete renewal of the plant and replacement of the facades, in order to reposition the asset as a Grade A+ office with LEED Platinum certification, in line with the fund’s ESG principles, and winner of the AEC Excellence Award thanks to the project’s design by Lombardini22.
The building benefits from its excellent location and accessibility, in an area served by numerous road-based public transport routes and close to ‘Crocetta’ line 3 metro station.
After recording the best market result for Milan office sector take-up in Q1 2021, GVA Redilco confirms its market leadership in the second quarter as well with the closure of this significant new office deal, an end user purchase, a growing trend over recent months which we expect to continue throughout the year and into 2022.