Austrian property company Immofinanz and Carlyle are acquiring 230 Italian real estate assets for €320m from Sanpaolo IMI. Carlyle described the deal as one of the most significant sales in the Italian property market this year and a continuation of its investment strategy in Italy.
The properties cover 270,000 square metres and are primarily located in northern Italy, principally in the cities of Milan, Bologna, Padua, Mestre, Venice and Turin. Approximately 30% are residential apartments and 70% are commercial buildings, including offices, retail and parking facilities.
“The Sanpaolo IMI portfolio fits perfectly with our investment strategy to acquire office, retail and commercial buildings in main European cities,” said Guido Audagna, managing director of Carlyle. The firm plans to sell a selection of the fully long-term leased properties in the next year as a portfolio and also plans to execute minor works and refurbishment on a number of them.
Karl Petrikovics, CEO of Immofinanz, said Italy was a key country in his firm’s overall strategy. It considers Italy, Germany, Switzerland and some of neighbouring Central Europe as its home market, along with Austria.
Carlyle invested from its Carlyle Europe Real Estate Partners fund. Excluding the Sanpaolo portfolio, it has completed 22 investments in more than 50 properties.