Kryalos completes sale of iconic real estate complex in Milan

Asset manager Kryalos has finalised the sale of the Palazzo dei Cigni real estate complex in Segrate, Milan. 

Palazzo dei Cigni, Milano 2

The landmark property, sold on behalf of the Artemide Fund, has been acquired by the San Raffaele University in a transaction reportedly valued at approximately €30 mln.
The Palazzo dei Cigni, overlooking the artificial lake of Milano 2, is one of the most recognisable and historically significant buildings in the area. Developed in the 1970s as part of the Milano 2 urban project, the complex spans approximately 44,000 m2 and features a blend of office, commercial, and hospitality spaces.
The complex is fully leased to leading tenants, including a major hotel operator, two restaurant businesses, and, notably, the Vita-Salute San Raffaele University itself, which already occupies a portion of the building. This acquisition will allow the university to expand its campus and consolidate its academic headquarters, reinforcing Palazzo dei Cigni's role as a vital service hub for the local community and residents of Milano 2.
Historically, the Palazzo dei Cigni holds significant cultural value. Before its conversion to university and office functions, it served as a major production centre for Italian commercial TV. Mediaset established five TV studios within the complex, producing some of the group's most famous and long-running programs since the 1980s.
The sale aligns with the Artemide Fund's real estate divestment strategy, which focuses on enhancing its portfolio through targeted divestment transactions and asset rotation.
Alberto Lupi, senior managing director of Fund Management & Advisory at Kryalos SGR, commented on the transaction: "This transaction confirms our ability to create value in the asset classes in which we operate through careful management and constant monitoring of portfolio quality. The sale is part of a process of progressive asset enhancement and rotation for the benefit of the Fund's investors."