17 February 2022: BC Partners European Real Estate I (BCPERE I) and Kervis Group have completed the acquisition of an office complex in Piazza Trento, in the Porta Romana district of Milan from Europ Assistance Italy. Generali Real Estate S.p.A. acted as the lead advisor of Europ Assistance Italy on the operation. BC Partners and Kervis initially put the assets under offer in December 2021 and the deal completed in February 2022. This represents BC Partners’ second real estate investment in Italy, with Kervis acting as local operating partner.
The investors will comprehensively redevelop the complex into a brand-new mixed-use scheme extending over ~9,000 sqm including offices and apartments for sale. The property, fronting Porta Romana railway yard, previously served as the Italian HQ of Europ Assistance, leader in assistance and care services.
Laurian Douin (Partner, BC Partners) said: “We are delighted to announce this second investment in Milan alongside Kervis, soon after our acquisition of a portfolio from Bocconi University. This investment further highlights our conviction in the strong fundamentals of the Milanese residential and office markets.”
Giulio Bentivoglio (CEO, Kervis SGR) said: “As more workers will be heading back to the office, flexible and modern premises will be crucial as the heart of the work ecosystem, with occupiers looking for innovative grade A space in attractive locations. Our project will further contribute to the regeneration of Porta Romana area, which is establishing itself as a prime business and living district. Following the first acquisition in Q4-21, we are thrilled to strengthen our partnership with BC Partners and look forward to making further add-ons in line with the proposed investment strategy”.
The following advised the investors on the transaction: Greenberg Traurig Santa Maria (legal); Gattai Minoli, Partners (administrative); Shearman & Sterling and Chiomenti (regulatory); Yard Reaas (technical and cadastral); EY (tax); General Planning (quantity surveyor); Cushman & Wakefield and Abitare Co (commercial). Carlotta Marchetti was the notary.
The following advised Europ Assistance Italy: Dils S.pA. (commercial), 4Legal – Studio Legale (legal), Eagle & Wise Service S.p.A. (technical).
BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt and real estate strategies. Established in 1986, BC Partners has played an active role for three decades in developing the European buy-out market. Today, senior staff from BC Partners’ offices in North America and Europe work as an integrated team serving multiple markets. Since its foundation, BC Partners has completed 124 private equity investments in companies with a total enterprise value of over €161 billion and is currently investing its eleventh private equity fund.
For further information, please visit https://www.bcpartners.com
BC Partners Real Estate is the real estate investment platform of BC Partners which was launched in 2018 by Stéphane Theuriau, Laurian Douin and Thibault Lauprêtre. Its debut fund – BCPERE I – endowed with €900 million in equity commitments has made 6 investments so far: in November 2019 Wingate House, a mixed-use building in Soho London; in May 2021 a stake in Edgar Suites, a French operator specialising in the transformation of outdated offices into new generation short-stay apartments; in June 2021 Alte Post, an office building in Kreuzberg Berlin; in September 2021 a majority interest in Alsei, a French real estate developer; in October 2021 an office building in Issy-les-Moulineaux Paris, which is currently the headquarters of BNP Paribas Real Estate; and in December 2021, a portfolio of assets located in the centre of Milan with a view to turn them into residential apartments for sale.
Please see here for more information: https://www.bcpartners.com/real-estate-strategy
Kervis Group is an operating partner and asset manager for institutional real estate investors, overlooking sourcing, underwriting, structuring, financing, and execution of real estate and NPL transactions. In addition, Kervis Group perform direct asset management activities such as capex plan coordination, lease-up strategy, disposition plans, and asset repositioning. Since its foundation, Kervis Group have developed a proven track record with more than Euro 2 billion of AuM on behalf of foreign investors and are currently working on additional portfolios of NPLs and assets, leveraging a lean organization and a team of internationally trained members.