Italy
Portugal
It is the most important transaction carried out in the office sector in Italy since the beginning of the year.
Dils acted as buy-side advisor to Union Investment in the acquisition of Piazza San Fedele 1-3, an iconic building located in the historic city centre of Milan owned by the Coima QIA Italian Property Fund managed by Coima SGR S.p.A.
Union Investment, a Hamburg-based real estate investment manager, is acquiring the property through Unilmmo Deutschland, an open-ended fund, in an off-market transaction. Coima SGR will continue to manage the asset for the German investor through a new fund vehicle following completion of the transaction, which represents Union Investment’s debut in the Italian office market.
The building, dating back to the late 1800s and originally the seat of the famous Teatro Manzoni, is subject to an important redevelopment led by Asti Architetti studio that will breathe new life into the building by implementing sustainability and energy efficiency, preserving and enriching the beauty and elegance of its original features. Thanks to these interventions, the asset aims to obtain LEED Gold Certification and an EPC A rating, aligned with EU taxonomy criteria.
The historic building, located in a short walking distance from the Duomo, Galleria Vittorio Emanuele II, and Piazza della Scala, will become the global headquarters of a leading international fashion and luxury goods brand.
This investment represents the most important transaction carried out in the Italian office sector since the beginning of the year, confirming the strong appeal of trophy assets located in the best locations and compliant with ESG criteria.
