Partners Group and Investire SGR invest €70m in Milan

Global investor Partners Group has teamed up with Investire SGR to acquire two abandoned buildings in Milan's Navigli district for a total investment exceeding €70 mln.

Navigli, Milano - Investire SGR

This marks the first acquisition for their new Italian PRS III Fund and aims to transform the 8,500 m2 into modern residences through an urban regeneration project, enhancing the overall appeal of the neighbourhood.

This transaction further solidifies the joint venture's presence in the Italian residential market. The acquired properties will be integrated into the Italian PRS platforms, which currently manage approximately €600 mln in assets across Italian PRS I and II with a total of 90,000 m2, focusing on leasing with value-added services. The ultimate goal is to manage a €2 bn portfolio in Italy.

The new residential units will also be managed by the On Place platform, offering tenants a blend of physical and digital services, including concierge, furnishing packages, maintenance, and brand partnerships, all accessible via a 24/7 app. The "On Place" platform is set to launch with over 450 apartments for rent in Milan, Rome, and Turin.

BCC Milano provided €48.2 mln in financing for this acquisition.

Marco Denari, head of Real Estate Southern Europe, Private Real Estate Europe at Partners Group, said: "The acquisition of this property represents a significant opportunity for urban regeneration in a key area of ​​central Milan, the Darsena. It also marks the first investment by the Italian PRS III Fund, a strategy in partnership with Investire SGR, now in its third year, with €600 mln under management and an investment target of €750 mln: a further step towards the €2 bn target by 2028."

Alessandro Polenta, managing director of Investire SGR, said: "With this transaction, we are continuing our strategy of consolidation and growth in the Italian residential sector, with a particular focus on urban regeneration and the provision of quality housing solutions. This investment in Milan's Navigli district, which marks our third transaction with Partners Group, fits perfectly with our residential offering strategy, characterised by innovative and tailor-made services that meet the evolving needs of the market and improve the livability of the neighbourhoods in which we invest.

Luca Bonomi, commercial director of BCC Milano, stated: "We are delighted to have supported, through our financing, the first transaction of the Italian PRS III Fund. The restoration and enhancement of these two properties allows us to strengthen our role as a local bank in Milan and generate a positive and lasting impact for the Navigli district."

Dils served as the real estate broker for the transaction. Investire SGR and Partners Group received advice from Legance, RINA Prime and DLA Piper. BCC Milano was advised by Dentons.