Real estate closed-end All Star fund managed by Kryalos sgr has bought Palazzo Mellerio in Milano, in Corso di Porta Romana 13. The seller is Alloro fund managed by BnpParibas Reim sgr (see here the press release).
The building, having a 2,500 sqare meters extension, is an historical palace that Mr. Gianbattista Mellerio bought in 1750 and asked architect Simone Cantoni to restructure it completely.
The All Star fund was launched last December by Kryalos sgr and has been completely subscribed by Blackstone. This is the third investment of the fund that has previously bought an office building from the Pirelli group (see here a previous post by BeBeez) and three office buildings from gruppo Allianz group, with Allianz’s Piazza Velasca‘s headquarters among them (see here a previous post by BeBeez).
The All Star fund announced it has also signed a preliminary agreement to buy two other buildings in Milan and Rome from a primary banking group for a total extension of 5,000 square meters.
Kryalos sgr’s ceo Paolo Bottelli, said that the “Mellerio palace will be restrucutred and renewed and linked to the Piazza Velasca building in order to unify the two real estate buildings and create more value”.