Ardian closes in on Italian real estate debut

Ardian is closing in on its Italian real estate debut, with six assets due to be bought from the Prelios SGR’s Cloe fund.

The $60bn private investment manager, which manages pension fund and sovereign wealth capital, is investing for its Ardian Real Estate Europe Fund (AREEF).

The 91.000sqm core-plus portfolio is spread across Italy, with three assets in Milan, two in Rome and one in Bari.

In Milan, the properties are in Corso Italia and Via Washington and at Strada 4 Palazzo A Assago.

In Rome, Ardian is buying in Via Colombo and Via Veneto.

The deals are in line with an investment strategy of focusing on major cities in the euro-zone’s three largest economies of Italy, France and Germany.

Bertrand Julien-Laferrière, head of Ardian Real Estate, said: “These office complexes perfectly fit in with our investment strategy: to target significant commercial property assets and seek to significantly enhance rental income through active asset management.”

He said the manager will look to achieve the “doubly positive effect of both increasing rents and lifting capital values”.

Ardian last year hired former Allianz Real Estate chief executive Olivier Piani as an adviser.

The manager launched a commercial real estate arm in 2015, aiming for €2bn in assets under management by 2020.

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