The Gran Torino Fund, a closed-end real estate FIA managed by Finint Investments sgr, has acquired from the Effepi Real Estate Fund, managed by Generali Real Estate, a 10.000 square-meter property at Corso Stati Uniti 21-23 in Turin.
The building will be entirely rebuilt to become a new residential building to be named Palazzo Contemporaneo, meaning ‘’The Contemporary Building’’. Distinguishing features of this residential project include its unique architectural structure, particular attention to ESG standards, construction quality of the properties, energy-saving technologies, and usability of the spaces, which has been improved through the amenities that will be created for the future residents of the building.
This investment, by Finint Investments sgr, represents the Fund’s second acquisition in the city of Turin after Palazzo Gran Torino, acquired in June of 2021 by another real estate fund also managed by Generali Real Estate sgr, for a total of about 30,000 square meters.
The Main Investor in this operation is Zetland Capital, and Crea.Re Group is co-investor and operating partner of the deal. Nore Ltd. is also co-investor while Primula Costruzioni will be in charge of demolishing the current building and the construction of the Palazzo Contemporaneo, while the design project has been entrusted to the architecture and design firm of Fabio Fantolino. Immogroup will be the real estate broker, supported by Tecma Solutions.
In the transaction, K&L Gates and Gianni & Origoni acted as legal advisers to the buyers, while Belvedere Inzaghi & Partners assisted the selling party. Legance was the legal counsel to Intesa San Paolo, which financed the transaction. Yard Reaas provided technical real estate advice, and Prelios Agency and Investitalia provided commercial advice. In the transaction, Prelios Agency also acted as commercial advisor to the seller. Notary firm Nardello-Stefani-Marcoz contributed to the transaction as well.
Ahmed Hamdani, managing partner of Zetland: “We are proud to have acquired this building in the center of Turin, confirming our focus on the real estate market in Italy. The residential sector continues to be key for Zetland throughout Europe and we are excited to combine our experience of more than 10 transactions in 4 different countries with the best local partners.”
Andrea Tessitore, CEO of Crea.Re Group: “The acquisition of Palazzo Contemporaneo, just a few months after the acquisition of Palazzo Gran Torino, demonstrates Zetland Capital’s solidity and willingness to invest in the city of Turin. As Crea.Re Group, we are proud to have structured and co-invested in this transaction, which aims to bring to the market a project that is not only architecturally attractive, but also capable of meeting the new needs that have arisen during the pandemic.”
Mauro Sbroggiò, Managing Director of Finint Investments sgr: “The acquisition of a second asset in Turin by the Fund reaffirms Finint sgr’s willingness to invest in major Italian cities as well as our convictions about the growth prospects of the residential real estate market in Italy’s major capitals. Developing such an important residential project in the city of Turin is not only a real estate investment but also an initiative capable of bringing important benefits to the real economy, as it involves numerous stakeholders in the area and will be closely interconnected to the entire economic fabric of the capital city. Finint sgr once again proves to be a catalyst for the interests of national and international investors. The implementation of articulated real estate development and redevelopment projects has not only the goal of creating value for our investors but also of fostering processes that translate into benefits for the real economy and the development of the territory where they insist.”
