UniCredit and PIMCO Prime Real Estate partner for Rome Club Deal

UniCredit has facilitated a club deal, enabling over 100 of its client families to co-invest alongside the Allianz Group and Finaval in Palazzo Esedra, a mixed-use building overlooking Rome's Piazza della Repubblica in Rome.

Piazza Esedra

The Feltrinelli family, long-time owners, will retain a substantial stake through Finaval, alongside Allianz. PIMCO Prime Real Estate will serve as the strategic asset manager, leading a project to reposition the over 30,000 m2 property, primarily offices and retail, to unlock its potential.

Palazzo Esedra, designed by Gaetano Koch in 1904, is recognised for its architectural significance, quality construction, and strategic location, making it a benchmark in Rome's prime office market. The investment plan includes a redevelopment respectful of its historical identity. PIMCO Prime Real Estate brings extensive experience in managing prime global assets, including the acclaimed redevelopment of Palazzo Marignoli in Rome.

This transaction marks UniCredit's first real estate co-investment for its core clients, building on its success in private equity club deals. The deal was structured via a securitization vehicle with securities underwritten by Finaval, Allianz, and UniCredit's wealth investor clients, with UniCredit also providing partial financing.

Donato Saponara, head of South & West Europe and co-head of Investment Europe at PIMCO Prime Real Estate, commented: "After successfully managing the acquisition of this prestigious building, PIMCO Prime Real Estate is proud to lead its strategic redevelopment on behalf of UniCredit and its wealth management clients, investors in the deal along with Finaval and Allianz. Palazzo Esedra will represent a major development in the urban context of the capital, aimed at restoring a central role to an iconic property while fully respecting its historical identity."

Massimiliano Mastalia, head of Wealth & Large Corporates at UniCredit, said: "This is the first real estate co-investment transaction undertaken with an internationally renowned partner like PIMCO Prime Real Estate, confirming our ability to structure highly distinctive investment opportunities by leveraging the strength of our service model: a fully integrated local network, a global Group product factory, and specialized capabilities with the UHNW Strategic Development and Real Estate teams."