Pictet Alternative Advisors has completed Project Galileo, the acquisition of seven historic residential buildings in central Milan, in partnership with Kryalos SGR, which will manage the portfolio. UniCredit is the transaction’s exclusive lender.
The portfolio comprises approximately 26,000 square meters (280,000 square feet) of gross area and 150 residential units, along with ground-floor retail space.
The assets are in the Centro Storico/Duomo, Brera, Magenta and Porta Nuova districts. The firm cited domestic and international demand, an influx of high-net-worth individuals and limited new housing supply as factors supporting the investment.
A value-add program will focus on upgrading apartments, common areas and resident amenities and modernizing selected spaces. The strategy also seeks to preserve the buildings’ architectural character.
Kryalos will oversee implementation of the portfolio’s long-term asset management strategy.
Project Ga
