Arte 25 is a multi-tenant office complex comprised of three separate buildings located in the Esposizione Universale Roma (EUR) area of the Italian capital. Originally built in the 1960s, it has been completely refurbished and is one of only two LEED Platinum certified assets in Rome.
Arranged over 12 floors, it has 30,828 sqm in Gross Lettable Area and is almost fully let to a prime and diversified tenancy base, generating stable and long-term cash-flows.
The EUR has become one of the most important financial and business districts of Rome. Firms with a major presence there include Microsoft, P&G, ENI and Poste Italiane. Initially laid out in the 1930s for the Universal expo, the EUR is also home to monuments such as the Palazzo della Civiltà Italiana and institutions including the Museum of Roman Civilization.
At the end of May, Allianz Real Estate acquired a prime office asset in central Milan in a sale-and-leaseback agreement with Crédit Agricole Italia for EUR140 million. The firm is focused on further building its Italian portfolio through the acquisition of prime assets in Milan and Rome alongside out-of-town logistics facilities and select investments in alternative asset classes.
Alongside growing the portfolio in Italy through acquisitions, Allianz Real Estate’s on the ground asset management team have managed a number of high profile redevelopments in recent years.
In Milan, the firm repositioned two of its historic headquarters: Corso Italia 23, a 40,000 sqm architectural complex and the redevelopment of a new Radisson Collection property, Santa Sofia Milan, both set to be completed in 2022. In Rome, Allianz Real Estate redeveloped Palazzo Marignoli (Piazza San Silvestro), a prime late 18th century building, while in Trieste, it redeveloped a 20th century building in Piazza della Repubblica into a Hilton property which was formally inaugurated 14 January. Each of the repositioning programmes will transform the assets to meet the highest standards in terms of innovation, sustainability and tenant-use.
“This transaction confirms our interest on prime office assets in the Italian Market. It represents a rare opportunity to acquire what we see as the very best office asset in Rome. The Italian capital is suffering from a shortage of high quality and modern spaces assets, especially those with the highest environmental certifications. As such, Arte 25 truly stands out in the market,” said Donato Saponara, Head of Transactions for West Europe & Country Head of Italy, Allianz Real Estate. “Looking forward we expect the EUR to continue to attract quality domestic and international tenants over the long term and we are well positioned to capitalise on that demand.”
“We have developed excellent momentum in the Italian market and continue to focus on the very highest quality redevelopments and acquisitions to deliver exceptional outcomes for all stakeholders. Innovation, sustainability and important tenant-use aspects are key to our approach as we grow our presence throughout gateway cities in Europe,” said Alexander Gebauer, CEO for West Europe, Allianz Real Estate.
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.