Project V is a substantial income generating asset in Milan built for and occupied by Eni S.p.A., an Italian multinational active within the oil and gas sector. It was acquired in June 2017 as a tenanted office complex which also comprised some retail units.
This is a long term leased commercial asset with a buy and hold strategy, with the prospect of an increase in the stabilized rent following the completion of some capital works.
Located in the south-east part of Milan, the lease agreement signed with the tenant is until the end of 2032.
As with most income generating assets held in Italy, the aim is for the income to cover debt servicing during the like of ownership and for the capital gain to be the main source of the return.
|Investment Horizon||4 years|
|Acquisition Price||EUR 166 million|
|Projected CAPEX||EUR 20 million|
|Target IRR||15% – 20%|