French fund manager enters Italian market
France-based Primonial REIM, on behalf of its SCPI Primovie, has made its first investment in Italy, acquiring a property near Milan from a private investor. Terms of the transaction were not disclosed.
“This acquisition is the first Italian in the geographic diversification strategy of our dynamic SCPI Primovie to take advantage of investment opportunities in real estate and health education in Italy,” said Laurent Flechet, CEO at Primonial REIM, in a statement.
The property is located in Baranzate, near Milan, and serves as the headquarters of the International Private School International School of Milan under a long-term lease.
During fourth quarter 2015, approximately €3.1 billion ($3.5 billion) was invested in Italy, twice the volume of the previous quarter, according to the CBRE MarketView Italy Investment report. The office sector, with 42 percent of total quarterly volume, represents investors’ preferred asset