Fosun buys four properties on two continents
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.