The private and independent asset management company Kryalos SGR has finalised the sale of Palazzo di Fuoco, Milan, to Corum AM.
The iconic building in Piazzale Loreto was sold on behalf of the All Star Fund to the Corum Eurion Fund.
Palazzo di Fuoco, designed by architect Giulio Minoletti in the 1950s, was acquired in 2017 by the All Star fund, funded by Blackstone and managed by Kryalos SGR.
It was then redeveloped by the GBPA Architects studio using characteristics of Minoletti’s original design and providing the highest sustainability standards, including BREEAM Excellent certification. It is awaiting LEED Platinum certification.
Palazzo di Fuoco has 11 storeys over 15,000 square metres of office and commercial property leased to prime tenants. It is located in a junction of great importance, between Porta Venezia, NoLo, Central Station and Corso Buenos Aires in one of the main shopping destinations in Milan.
Proud of Palazzo di Fuoco redevelopment
Paolo Bottelli, CEO of Kryalos SGR says, “We are particularly satisfied with the activities carried out on Palazzo di Fuoco, whose redevelopment was the driving force of a broader movement. We have always believed, in fact, in potential of the area, long before Piazzale Loreto officially became the subject of one of the most important urban regeneration projects in the city of Milan and Italy.
“Like Kryalos, we believe that urban transformations and the valorization of our real estate assets are and will continue to represent a key element of the overall development of the territory, they will define the Milan of tomorrow, they are and will be the focal point for the growth of the real estate market. We are therefore proud to have contributed to channeling Blackstone’s capital to Palazzo di Fuoco, always particularly attentive to investing in quality projects aimed at promoting a vision of the future of our country”.
The advisors on the transaction include Dils and Cushman & Wakefield. Kryalos SGR was assisted for the legal aspects by PGLex, for the tax aspects by FiveLex Studio Legale e Tributario and for technical advice by EY.
