Partners in 'liquidity solution’ for €233m Italian offices

The Zug-based investment firm has bought two offices in the center of Milan from Unicredito Immobiliare Uno via a secondary transaction it dubbed as a “win-win” for both the seller and buyer.

Zug-based private markets investment firm Partners Group has invested €233 million in two prime Milanese office properties.

Partners acquired the properties, located in Via Monte Rosa and Viale Sarca, from Unicredito Immobiliare Uno, an Italian closed-end real estate vehicle, in a secondaries sale.

On what it called a “tailored liquidity solution”, whereby both sides of the deal walked away happy, the firm said in an announcement: “This transaction again demonstrated the importance of having a deep local network and the ability to provide tailored solutions to generate win-win situations for both the seller and buyer,” Fabian Neuenschwander, senior real estate professional at Partners, commented.

One of the properties, Via Monte Rosa 91, was designed by architect Renzo Piano and is “one of the most iconic Milanese office assets” claimed Partners. Tenants include Italian publishing company Il Sole 24 Ore and professional services firm PricewaterhouseCoopers. The second property, Viale Sarca 222, had been converted from a former industrial property into an office building that is now the headquarters of tyre manufacturer Pirelli.

Partners’ real estate secondary team will retain Rome-based real estate management company Torre SGR as its operator for both assets.

The deal follows Partners’ secondaries purchase of a property fund in Switzerland back in December. The firm acquired a portfolio of 14 Swiss properties owned by real estate fund Helvetica I Swiss Real Estate Danmark.

The firm also acquired a €300 million tail-end Nordic real estate portfolio in September.

Partners held a final close on its second global real estate secondaries fund on nearly $2 billion, raising almost $1 billion more than expected, back in October.