Real estate funds in Milan, in ten years the value has jumped to 50 billion
According to surveys by Scenari Immobiliari, the city alone concentrates 41% of that 121 billion in value for Italy in 2024. In 10 years, investments alone reached 39 billion in the first six months of the year.
5' min read
5' min read
Behind the great urban regeneration, the disposals of iconic buildings in the Quadrilatero and even the construction sites at the centre of the ongoing investigations of the Milan Public Prosecutor's Office into the city, an articulated ecosystem of funds, funds of funds, complex vehicles has been moving for years. Thus, the building becomes an asset and its management responds to a financial logic.
For real estate funds (listed or not and REITs), Milan city is a 'magnet' that, in 10 years, since 2015, has exceeded 50 billion euros in invested assets. It alone concentrates 41% of those 121 billion in value that Italy (+6.6% on 2023) reached in 2024. Inside the 50 billion there are both the resources for urban regeneration initiatives (funds destined for the purchase, development and valorisation of real estate and large construction sites) and the core assets, rented properties that earn income thanks to rents, mostly entrusted to professional managers. Not only. In ten years, in Milan alone (excluding the province) real estate investments of 35 billion will be counted in 2024. These, in the first six months of 2025, have already grown by about 4 billion, bringing the total, in the first part of the year, to close to 39 billion. The survey - for Il Sole 24Ore - was conducted by Scenari Immobiliari.
In the early years, it was Qia, the Qatari sovereign wealth fund (which in February 2015 had risen from 40 to 100 per cent of the Porta Nuova-Garibaldi area, for a value of two billion) and the private equity giant Blackstone that, after the Corriere della Sera headquarters in Via Solferino, the Cassa Depositi e Prestiti headquarters in Via San Marco and the Palazzo delle Poste in Piazza Cordusio, had acquired Reale Compagnia Italiana in 2021, with 14 prestigious assets between Milan and Turin for around EUR 1.3 billion.
It was Blackstone (now a 35% shareholder in Paolo Bottelli's Kryalos) who, 10 years ago, put his chips on the table in Milan in the midst of the brick crisis, buying three centrally located historic buildings (later resold over the years). Last year Kryalos achieved a record deal, by value in Italy, with the sale of the property in Via Montenapoleone 8 to the Kering group for €1.3 billion. In October, it announced the transformation of the former Odeon cinema, which had been closed for two years, into the Rinascente Beauty Hall.
Coima Sgr, of which Manfredi Catella (involved in the Pm investigations) is majority shareholder and ceo, today manages around 30 real estate investment funds, more than 10 billion stabilised investments. There is the development of the second part of the via Melchiorre Gioia area. While the Milan-Cortina 2026 Olympic Village is the result of the Porta Romana Fund, managed by Coima Sgr, Covivio, Prada Holding and Coima Esg City Impact Fund. The six buildings for the athletes after the Games will be converted into Italy's largest student residence with 1,700 beds.
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