Investcorp enters Italian real estate market

Investcorp has entered the Italian market through the €70 million ($81 million) acquisition of Via Mecenate, 91, an office property located near Milan’s Linate airport.

The property serves as Kering’s Italian headquarters, with its importance underpinned by the lease extension signed shortly before acquisition. The multinational corporation specializes in luxury goods and is the owner of Gucci, Yves Saint Laurent and Bottega Veneta. The property is located adjacent to Gucci’s Milan headquarters that opened in 2016, a 56,000-square-meter (602,780-square-foot) converted aeronautical factory home to design, showroom and manufacturing functions for the brand.

The property comprises 18,000 square meters (193,750 square feet) of office space, including a canteen and café, spread across nine floors. The property was fully refurbished in 2019, with only the frame of the existing building being retained.

Neil Hasson, managing director – head of Investcorp Euro