Barings has sold the 4,400-square-meter (47,0000-square-foot) office building and associated car parking spaces, at the edge of Porta Nuova, Milan, to Investire SGR. The investment was made through the Italy Opportunity Fund, an Italian alternative investment fund managed by Kryalos SGR, set up on behalf of clients, and for which Barings acts as adviser.
Following the acquisition of the building off market in December 2017, Barings undertook a comprehensive refurbishment of the property, letting the entirety of space to an international audit, accounting and consulting group on a long-term lease.
Located on Via Ceresio n.7/9, at the northwest edge of Porta Nuova, the asset is close to the public transport network, including the Monumentale metro station; Milano Porta Garibaldi train and metro station; and Milan Central railway station. Linate Airport is also a short distance by car.
Valeria Falcone, managing director for Italy at Barings, said, “This investme
