February 7, 2022: BC Partners European Real Estate I (BCPERE I) and Kervis Group have completed the acquisition of a portfolio in downtown Milan from Bocconi University. BC Partners and Kervis initially put the portfolio under offer in July 2020 and the deal completed in December 2021.This transaction represents BC Partners’ first real estate investment in Italy, and Kervis will act as local operating partner.
The investors will comprehensively redevelop the two main assets in the portfolio into upmarket new-build apartments for-sale. The assets – Via Balilla 16-18 (~8,000 sqm) and Via Siracusa 5-7 (~2,000 sqm) – have previously served as the SDA Bocconi School of Management and student accommodation, respectively.
Laurian Douin (Partner, BC Partners) said: “We are very pleased to conclude BC Partners’ first real estate investment in Italy with the help of Kervis and hope this is the first of many. Milan’s residential market offers healthy fundamentals and attractive dynamics, with constrained supply of new-build quality residential product and strong affordability metrics for Milanese households”.
Giulio Bentivoglio (CEO, Kervis SGR) said: “Milan’s residential sector has now come under the spotlight as many institutional investors have entered the market. We believe we are well placed to thrive in this niche. We are delighted to partner with BC Partners and look forward to investing in new projects together leveraging our strong track record and local expertise in the residential sector”.
The following advised the investors on the transaction: Greenberg Traurig Santa Maria (legal); Gattai Minoli Agostinelli and Partners (administrative); NCTM (regulatory); REAAS (technical and cadastral); and EY (tax). Claudio Caruso was the notary.
About BC Partners 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
About BC Partners Real Estate 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 5 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; and, in October 2021 an office building in Issy-les-Moulineaux Paris, which is currently the headquarters of BNP Paribas Real Estate.
For further information, please visit: https://www.bcpartners.com/real-estate-strategy
About Kervis Group 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.