US asset manager Carlyle has bought a mixed-use property in Milan’s business centre from Italian insurer Milano Assicurazioni for an undisclosed sum.
The 15,000 m² building, located at Piazza Santa Maria Beltrade 1, was purchased by Carlyle’s Italian subsidiary Real Estate SGR. The eight-storey property, built in 1938, is divided into residential, retail and office space.
“This transaction confirms Carlyle’s strong interest in the Italian market, and Milan in particular,” said Valeria Falcone, head of the group’s Italian real estate team.
“We believe that our specialist team of asset managers will be able to maximise the value of the property through active management initiatives, to create a strong return for our investors.”
