GVA Redilco acted as advisor to Covivio SA in the sale following a competitive process of a trophy asset in Via Principe Amedeo 5, Milan and a building in via Scarsellini 14, Milan, both for office use, to the Thesaurus Fund, a closed-end real estate alternative investment fund (AIF) reserved for professional investors and managed by Kryalos SGR.
The building in Via Principe Amedeo 5, in the Milan CBD, underwent complete refurbishment and has obtained LEED Gold certification. The asset comprises five floors above ground as well as a basement for storage use and is fully let to prime tenants.
The second asset involved in the sale, called the 'Light Building', is located in Via Scarsellini 14, in the north of Milan near the 'Affori Centro' Line 3 metro station. Built in 2010 and currently leased to 6 tenants, it comprises eleven floors above ground and a basement for storage and parking, as well as an outdoor parking space. The property is BREEAM Good certified.
This deal was closed in a year during which the GVA Redilco Capital Markets team has consolidated its position as market leader, in particular for core investments, and has exceeded €2 billion in finalized transactions.