Savills IM SGR sells Milanofiori’s Palazzo Z to Corum

GVA Redilco acted as advisor on behalf of a real estate fund managed by Savills Investment Management SGR in the sale of Palazzo Z in Milanofiori business park to Corum Asset Management, a prime French investment company.

The asset comprises a total gross area of 16,000 sqm spread across 5 floors above ground and 2 underground levels as well as 1,800 sqm of external area used for parking; the property, originally built in the 1980s but extensively refurbished over the years, is entirely leased as headquarter of a leading global operator in the food & beverage services.

The asset is strategically located in the Milanofiori business park, which is one of Italy’s largest and most established office locations, appealing to major international occupiers, who may benefit from the wide range of amenities that the business park has to offer such as conference centres, shopping centre, hotels as well as sport and leisure facilities.

Palazzo Z is also located along the motorway and in close proximity to the Milanofiori metro station, offering transport links to the city centre and surrounding areas.

The asset has good fundamentals, strong tenant covenant and it is strategically located within a well consolidated business park: a mix of success factors that induced Corum to secure the investment opportunity.