JP Morgan Asset Management divested Sericon Investment fund, Dils is advisor on the transaction

One of the most important real estate transactions carried out in Italy.

A pan-European fund managed by JP Morgan Asset Management divested 100% of the shares of Sericon Investment Fund - Reserved Alternative Real Estate Investment Fund - managed by Savills Investment Management SGR S.p.A. - to Generali Real Estate. The fund holds the trophy asset 'Cortile della Seta', a historic office and retail building located at Via della Moscova, 33 in Milan. Dils advised on the transaction, one of the most important single deals carried out in Italy and in Europe over the past few years.

The transaction was completed on behalf of two co-investors, each for a share of 50%: the pan-European fund 'Generali Europe Income Holding Fund' (GEIH) undersigned by Generali Group companies, and a real estate fund undersigned by Poste Vita S.p.A., both managed by Generali Real Estate SGR S.p.A..

The “Cortile della Seta” covers 19,000 sqm of office space and 2,000 sqm of retail space, including 1,400 sqm of terraces on different floors . The building consists of six floors above ground and an underground floor with parking for cars, motorbikes and bicycles.

Built in the early nineteenth century as a Napoleon’s barrack, the building hosted the silk trade, hence its name in Italian (“seta” means “silk”), and later on some financial and banking institutions. The complete renovation of the building, which was completed in 2021 and carried out by Asti Architetti and London's Buckley Gray Yeoman, made it possible the achievement of maximum performances in terms of sustainability, energy efficiency and employee comfort, as well as the prestigious LEED Gold and NZEB (Nearly Zero Energy Building) certifications. The asset has also obtained the WELL CORE Platinum certification.

Located in the center of Brera district, an elegant historic district of Milan and the heart of the "Salone Internazionale del Mobile", the building has an excellent accessibility to public transport services thanks to its proximity to main underground stations (Moscova, Turati, Cairoli, Garibaldi), railways (Cadorna, Centrale, Garibaldi) and airports (Linate, Malpensa, Orio al Serio).

Dils also acted as advisor in the leasing of the property, through the identification of tenants of high standing in the luxury, fashion and design sectors, such as the LVMH group (which chose Cortile della Seta for the offices of Loro Piana and the showroom of Loro Piana Interiors), and the Kering group (with the offices of Pomellato). The retail spaces also host the showrooms of important brands such as Flexform, Calligaris and Lodes.

This operation confirms the leadership of the Office asset class in Milan, which recorded approximately 77% of the total transactions in the Italian real estate market. In particular, Class A buildings continue to attract multinationals, which in 2021 accounted for about 70% of the total take-up.