The deal – carried out through the purchase of 100% of the units in ‘Sericon Investment Fund – Reserved Alternative Real Estate Investment Fund’, managed by Savills Investment Management SGR, sold by a fund advised by JP Morgan Asset Management – has been completed on behalf of two co-investors, with a 50% stake each: the pan-European fund ‘Generali Europe Income Holding’ (GEIH) subscribed by Generali Group companies, and a real estate fund subscribed by Poste Vita S.p.A., both managed by Generali Real Estate S.p.A. Società di gestione del risparmio.
The Sericon Investment Fund owns the trophy asset known as ‘Cortile della Seta’, a mixed-use historical building located in heart of the Brera district in the very center of Milan. It covers more than 19,000 sqm of office space and 2,000 sqm of retail space, with 1,400 sqm of terraces across multiple floors.
Cortile della Seta’s office and retail spaces are fully leased, with long-term contracts, to top-level international brands in the fashion, luxury and design industries, such as the LVMH Group (it houses the Loro Piana offices and the Loro Piana Interiors showroom), the Kering Group (with the Pomellato offices), as well as the showrooms of Flexform, Calligaris and Lodes.
An extensive refurbishment plan was completed by the vendor in 2021 with the highest standards in terms of flexible office design, sustainability, energy efficiency and employee comfort, achieving the prestigious WELL Core certification Platinum, the highest recognition for assets built placing employee wellbeing and comfort at the forefront of design. It is also LEED Gold and NZEB (Nearly Zero Energy Building), with over 50% of the energy derived from clean sources, including photovoltaic panels and a geothermal system for both heating and cooling.
