Pictet acquires seven‑asset Milan residential portfolio in partnership with Kryalos

Pictet Alternative Advisors has completed Project Galileo, the acquisition of a portfolio of seven historic residential buildings across prime central Milan. The transaction was executed through Pictet’s direct real estate strategy in partnership with Kryalos SGR, which will manage the portfolio. UniCredit acted as exclusive lender.

Milan Galileo credit Pictet alternative advisors

The portfolio totals approximately 26,000 sq m and around 150 residential units, complemented by ground‑floor retail typical of Milan’s mixed‑use urban fabric. The assets are located in high‑demand districts including Centro Storico/Duomo, Brera, Magenta and Porta Nuova, markets characterised by strong domestic and international demand, rising inflows of high‑net‑worth residents and a structural shortage of new housing supply.

A targeted value‑add programme will be implemented across the buildings, focusing on upgrading apartments, enhancing common areas, improving resident amenities and modernising selected spaces. The strategy aims to elevate the assets while preserving their architectural identity.

The partnership combines Pictet’s international investment expertise with Kryalos’ established Italian asset management platform. Kryalos will support the long‑term strategy to preserve and enhance the distinctive qualities of the properties.

Project Galileo follows Pictet’s successful investment in Via Albricci, a value‑add residential project in central Milan exited ahead of schedule in 2025.

Pablo Granell Peris, head of European acquisitions, direct real estate at Pictet Alternative Advisors, said the portfolio offers rare scale in Milan’s most prestigious neighbourhoods and significant asset management potential, reinforcing Pictet’s conviction in the city’s residential market.

Paolo Bottelli, founder and CEO of Kryalos SGR, said the properties represent a distinctive collection of historic residential buildings in sought‑after locations, and that Kryalos will draw on its deep knowledge of the assets and local market to support a strategy focused on stewardship and long‑term enhancement.

Pictet was advised by BonelliErede (legal and tax), EY (financial), DILS (commercial) and CBRE (technical).