Partners Group acquires six assets for EUR 260 million and launches PRS Italy 2 fund

Partners Group and Investire Sgr (Banca Finnat Group) today announced the launch of the new Fondo PRS Italy II for the development of projects in the living sector, with a focus on rental with value added services, and at the same time its first transaction. The launch of the PRS Italy II Fund follows that of the PRS Italy Fund - set up in 2021 - grafting an additional high quality residential portfolio that will see a total investment of over Euro 600 million and a stabilised value of approximately Euro 800 million when fully operational.

This is the acquisition, following a sale procedure called by Fondo Pensioni per il Personale Cariplo ('Project Majesty'), of a real estate portfolio of six sky-land assets located in the centre of Milan, including Corso Vercelli, Via Andegari, Piazza Medaglie d'oro, Viale Monte Nero, for a total size of 50,500 sqm and a total investment (including capex) of EUR 260 million.

The project aims at an overall valorisation of the buildings through interventions to improve the buildings' architecture and energy performance, to create services and common areas, as well as to revise the layouts of the flats, with the objective of adapting the housing offer to current market demand.

The portfolio will join the innovative 'On Place' platform that integrates physical and digital services for managing rental residences in the Italian market. Among other things, On Place provides existing tenants with access to additional services, including concierge, furnishing packages, on-site maintenance and brand partnerships. The first cities where the platform is operational, with over 450 flats for rent, are Milan, Rome and Turin.

"In line with the strategy of the first Fund PRS Italy I, set up in 2021," said Alessandro Polenta, co-general manager of Investire Sgr, "with PRS Italy II we aim to consolidate the investment platform in the Private Rented Sector thanks to the management of a total portfolio with a current value in excess of EUR 600 million - a unicum in the Italian market. In fact, we are convinced that the living market needs quality interventions and the offer of a residential building rental characterised by tailor made services in line with the most widespread market demands. It is precisely in this direction that the acquisition and valorisation of this property portfolio fits in.