In Milan, Pictet buys a portfolio of luxury properties from Blackstone for 200 million

A part of Milan’s historic portfolio of prestigious properties has changed hands. The Pictet Group, through Pictet Alternative Advisors – the group’s arm dedicated to alternative assets – has acquired a portfolio of seven high-end residential buildings in central Milan from Blackstone. The transaction, dubbed Project Galileo, is valued at approximately 200 million euros, whilst management of the portfolio has been entrusted to Kryalos Sgr.

These are properties that were formerly part of the portfolio of Reale Compagnia Italiana, the Milan-based property company which came under the control of Blackstone. The American fund thus became the owner in 2021, acquiring 13 prestigious properties in Milan and Turin. Over the years, the portfolio has shrunk: the property at 8 Via Montenapoleone, sold to Kering in 2024 for 1.3 billion (and this year transferred to a public limited company 80 per cent owned by the Qatari company and 20 per cent by the French owners themselves) and the Galleria Subalpina in Turin.

The seven buildings, situated between Via Meravigli, Via Carducci, Via Galileo Galilei, Porta Nuova and the historic centre, cover a total area of approximately 26,000 square metres and comprise 150 residential units, with commercial premises on the ground floor, in keeping with the mixed-use layout typical of Milan’s urban fabric.

The focus is on the resilience of the high-end residential sector. In the statement, the companies highlight the solid domestic and international demand, growing investor interest High-Net-Worth Individuals (those with private wealth exceeding 30 million dollars) and a structural shortage of new supply. This is complemented by a value-enhancement programme: refurbishment of the flats, regeneration of communal areas, new services for residents and modernisation of certain spaces, with the stated aim of increasing the value of the properties whilst preserving their architectural character.

For Pictet, this marks a return to the Milanese market following the Via Albricci transaction, a value-add residential project sold in 2025 ahead of schedule. “We reaffirm our positive outlook on the Milanese residential market, particularly in the city’s most exclusive areas, where demand continues to outstrip supply,” explained Pablo Granell Peris, Head of European Acquisitions, Direct Real Estate at Pictet Alternative Advisors. Paolo Bottelli, founder and chief executive of Kryalos, spoke of a partnership “based on a shared and long-term oriented vision”, with the aim of combining the preservation of existing assets with improvements to the quality and performance of the properties. In the transaction, UniCredit acted as the sole lender, whilst Pictet was advised by the law firm BonelliErede on legal and tax matters, by EY on financial matters, by Dils on commercial matters and by CBRE on technical matters.