Palazzo Esedra, a club deal in Rome in partnership with UniCredit and Pimco

Over 100 prominent UniCredit client families have co-invested with the Allianz Group and Finaval, with strategic support from Pimco Prime Real Estate, in a deal to acquire a majority stake in Palazzo Esedra, an iconic building overlooking Piazza della Repubblica in Rome.
The Feltrinelli family, which has owned the property since the late 19th century, will retain a controlling stake in the vehicle through the Finaval holding company (advised by Lazard), alongside the Allianz Group, as part of a transaction in which Pimco Prime Real Estate acts as the strategic asset manager for a project aimed at enhancing the property’s value through a programme of functional and commercial repositioning. The figure has not been disclosed but is estimated to be in excess of 200 million euros.

Palazzo Esedra – with a floor area of over 30,000 square metres and a mixed-use development, predominantly office and retail - is one of the most distinctive assets in the Roman property market, thanks to its architectural distinctiveness, high-quality construction and strategic location, which position it to become a benchmark in the prime office market in the capital. The strategic investment plan envisages a redevelopment and repositioning project consistent with the building’s historical identity and original architectural features, designed in 1904 by the renowned architect Gaetano Koch.

For UniCredit, this is the first co-investment in the property sector offered to its key clients, following numerous successful co-investments in private equity club deals.

The transaction was structured using a special purpose vehicle for the securitisation and issue of securities subscribed to by Finaval, Allianz and over 100 UniCredit Wealth clients. Part of the purchase price was financed by the bank itself, based in Piazza Gae Aulenti.

 ““Having successfully managed the acquisition of this prestigious building,” said Donato Saponara, Head of South & West Europe, Co-Head of Investment Europeat Pimco Prime Real Estate – Pimco Prime Real Estate is proud to lead its strategic regeneration on behalf of UniCredit and its wealth management clients, who are investors in the deal alongside Finaval and Allianz. Palazzo Esedra will represent a project of great significance within Rome’s urban landscape, aimed at restoring a new sense of centrality to an iconic building whilst fully respecting its historical identity. The project will reposition the building within a contemporary context, fully integrated into the urban fabric, helping to strengthen Rome’s position as an attractive and resilient destination for property investment.”