ARECneprix divests €51.5m Milan office to FASC Immobiliare

Italian asset manager ARECneprix has finalized a €51.5 mln deal with FASC Immobiliare for the sale of two floors in Milan's iconic Palazzo del Toro.

Palazzo del Toro - Milano (Source; Lombardia Beni Culturali)

The 4,000 m2 office space is situated in a prime location in Piazza San Babila, known for its proximity to major shopping streets and the Milan Cathedral.
FASC Immobiliare, the real estate arm of the pension fund FASC Foundation, acquired the property in the eleven-story multifunctional building, which boasts a mix of commercial and dining establishments on the ground floor.
The office asset also benefits from excellent transport links, including the San Babila metro station.
The sale aligns with the ongoing redevelopment of Piazza San Babila, which includes pedestrianization and a direct metro connection to Linate Airport.
Marco Sion Raccah, CEO of ARECneprix, stated: “This operation represents a further step for ARECneprix in the strategy of valorizing prestigious properties located in iconic locations. Palazzo del Toro is a symbol of Milanese architecture**, and** we are proud to have managed and completed this valorization, which once again confirms the desire to create value through structured and highly project-oriented operations. We are pleased to have found a solid and attentive interlocutor in FASC.”
Claudio Claudiani, president of the Fondo Agenti Spedizionieri e Corrieri and of the subsidiary Fasc Immobiliare, added: “The value of the property and its potential contribute to raising the quality profile of our real estate portfolio. The Board of Directors, in the interest of our members, has seized the opportunity to acquire a property located in the city centre, integrating a previous investment in the same five-story office building. This purchase represents its completion, making the property a true trophy asset.”