China’s Fosun International has acquired four properties on two continents in two separate deals.
The Chinese investment conglomerate acquired Milan’s Palazzo Broggi, the former headquarters of Unicredit Bank, for €345 million ($371.9 million). The seller was the fund manager IDeA FIMIT sgr, on behalf of the Omicron Idea Fimit sgr, and was assisted by CBRE.
The closing is expected in July.
The 538,220-square-foot Palazzo Broggi attracted many suitors, including London & Regional Properties and Prelios. IREN reported Hines Italy SGR along with Abu Dhabi Investment Authority would be the new owners after a bidding war for the asset; however, that offer ended it in a stalemate as the price was considered too low, according to Italian media outlets.
The acqu
