Dea Capital Real Estate sells former bank HQ in Rome for €123m

DeA Capital Real Estate has sold the historic former headquarters of Banca Monte Paschi di Siena (MPS) in Rome for €123 mln. 

Banca Monte Paschi di Siena - Via del Corso (Rome)

The buyer is Corso Gestioni Alberghiere, controlled by Gruppo Eco Holding and Talia Gestioni Alberghiere. 
The 11,000 m2 building on four levels, located on Via del Corso, will undergo a significant redevelopment into a 5-star luxury hotel managed by Eco Holding, with retail spaces managed by Talia featuring international brands. 
The building, originally designed as the Hotel Moderno in 1889 and a prominent hotel until acquired by Banca Monte dei Paschi di Siena in 1942, will return to its hospitality roots.
DeA Capital Real Estate had acquired the property in 2020 with Ardian as part of a larger €300 mln deal for 26 properties from MPS.
Fabrizio Astrologo, CEO of Josas Immobiliare, who brokered the transaction together with Flaminia Immobiliare, explained: “Rome is much more than a market: it is an urban and cultural ecosystem that requires vision, competence and respect. Operating in this context means taking on a responsibility towards the city, its heritage and its future”.
Corrado Pace, founding partner of Flaminia Immobiliare, added: “This transaction represents a clear sign of the awakening of Roman entrepreneurship, which on this occasion has been able to compete and prevail over important international investment funds, protagonists in recent years of almost all development initiatives in the residential and hotel sector”.