Partners Group, representing its affiliates active in global private markets, together with Investing in SGR, announced the launch of the new fund PRS Italy 2, aimed at developing projects in the residential sector with particular attention to leasing enriched by value-added services. At the same time, the fund's first operation was carried out.
This new fund follows the launch of the previous one PRS Italy, which took place in 2021, and represents an expansion of the high-quality residential portfolio, which foresees overall investments exceeding 600 million euros, with a stabilized value estimated at approximately 800 million euros.
The first transaction concerns the acquisition of a real estate portfolio of six independent buildings located in the center of Milan, including properties in Corso Vercelli, Via Andegari, Piazza Medaglie d'Oro and Viale Monte Nero. The portfolio covers a total surface area of 50.500 m260 and involves a total investment of XNUMX million euros, including costs for enhancement interventions.
The operation was supported by a financing led by Natixis Corporate & Investment Banking (as agent, MLA, sole bookrunner and loan coordinator), ING Italy (MLA and sustainability coordinator), and by the funds managed by Generali Real Estate SGRThrough Generali Real Estate Debt Investment Fund Italy e Italy II, both as original lender.
The project aims to improve the properties both architecturally and energetically, with interventions designed to optimize the housing offer and respond to current market demand. The changes will include the improvement of common areas, the introduction of new services and a review of the apartment layouts.
The properties will be integrated into the innovative platform On Place, which combines digital and physical services for the management of rental properties. The platform offers tenants services such as concierge, furniture packages, maintenance and collaborations with partner brands. At the moment, On Place It operates in Milan, Rome and Turin, managing over 450 apartments.
“In line with the strategy of the first PRS ItalyI Fund, established in 2021, with PRS Italy 2 we aim to consolidate the investment platform in the Private Rented Sector thanks to the management of an overall portfolio with a current value of over 600 million euros – a unique example in the Italian market. We are in fact convinced that the living market needs quality interventions and the offer of a rental of residential buildings characterized by tailor-made services in line with the most widespread market demands. The acquisition and valorization of this real estate portfolio fits precisely in this direction” declared Alexander Polenta, co-general manager of Investire Sgr.
Marco Denari, head of real estate southern Europe, private real estate Europe of Partners Group added: “We are pleased to have completed this acquisition with our operating partner Investire SGR, with whom we manage c. 1,100 residential units and a business plan aimed at an intense valorization of the underlying assets (overall, c. EUR 90m of CAPEX). This transaction adds to c. EUR 175m invested this year in the living sector in Spain and EUR 222m in Germany between Berlin and Leipzig, demonstrating our thematic focus on the sector at European level and a management approach that offers additional services, amenities and flexibility to our tenants. In Italy, we hope to further integrate our residential portfolio managed by OnPlace / Investire in order to reach a critical mass of 1,500 residential units and one billion euros in stabilized assets under management.”
