CBA advises Prelios SGR on the sale of a commercial and office-use property through Fondo Immobiliare primo RE
Prelios SGR S.p.A., asset management company of the Prelios Group, has completed the sale of a property located at Via Durini 16/18, Milan, through the Real Estate Fund primo RE, whose shares are entirely held by the Cassa dei Dottori Commercialisti (CDC).
The property, fully refurbished between 2016 and 2017, spans approximately 5,700 sqm across five above-ground floors and includes an underground parking area. It is situated in the prestigious “Milano Design District,” adjacent to Piazza San Babila, a renowned area characterised by the high concentration of major design and furniture brands.
This marks the third divestment completed by the primo RE Fund, representing a significant milestone in its asset management strategy. The strategy focuses on consolidating the rental profile and gradually divesting properties by seizing favourable market opportunities, with the aim of reinvesting. The redevelopment process, initiated in 2016, along with the subsequent leasing of the fully occupied spaces to leading companies in the luxury furniture and legal consultancy sectors, transformed the property into a trophy asset. This generated significant interest among both institutional and private investors, enabling to seize an excellent market opportunity for divestment.
Alessandro Busci, Head of Fund Management at Prelios SGR, commented: "We are very proud to have completed this transaction, which aligns with the enhancement strategy of the Real Estate Fund primo RE, focused on consolidating the rental profile, divesting assets at the optimal time, and reinvesting in prime Italian real estate markets through the acquisition of high-profile assets. This sale represents the successful culmination of a value-added asset management approach that enabled the Fund to benefit from the profitability of new lease agreements and to exit the investment with a significant capital gain, an achievement that is particularly notable given the current contraction in corporate market transactions”.
The divestment was completed with the support of CBA, which handled the legal and tax aspects with a team composed of partner Roberto Brustia and senior associates Andrea Motta and Federica Rota.