SCPI CORUM Eurion has acquired the Palazzo di Fuoco, in the heart of Milan, Italy for €71 million.
This iconic city building, renovated between 2018 and 2023, houses six large-scale tenants in office and retail spaces.
The tenants are:
- One of the world’s largest cosmetics companies, Coty
- Web insurance leader, Prima Assicurazioni
- General contractor, WeGreenIt
- Sports equipment brand, Airness
- Parapharmaceutical chain, DM Drogerie
- Mattress and bedding specialist, PerDormire.
The yield on acquisition is 7.2% and the average tenant engagement duration is 6.4 years.
SCPI CORUM Eurion, which launched around four years ago, says its first acquisition of 2024 and its 41st building overall, helps strengthen and diversify its assets.
Palazzo di Fuoco was designed by architect Giulio Minoletti, and built in 1959.
SCPI CORUM Eurion, says, “Today, in our opinion, there is a window of opportunity! Not only do certain buildings offer lower purchase prices, and therefore high returns, but they also have the potential for appreciation in the years to come if real estate prices rise again.”
