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TH Real Estate acquires second asset in Italy | News
Via Darwin is a well-established office and university campus comprising of 15 buildings totalling 26,917 sq m (290,313 sq ft), located in the Navigli area. The complex is home to 19th century buildings, leased by the university Nuova Accademia di Belle Arti (NABA), and modern buildings occupied by a variety of office tenants, predominantly in the media, advertising and technology industry.
Liz Sworn, Co-Fund Manager for the European cities platform, comments: "Via Darwin consists of good-quality buildings and has a strong and well-diversified tenant mix. The asset has produced a stable income and there is an attractive pricing advantage compared to CBD offices. We believe this acquisition is a great fit for our portfolio, and embodies one of our strategies of investing in up-and-coming regeneration areas in Europe."
Ranked as the most attractive city in Italy for students, Milan is a city embracing the future, becoming a popular destination for start-ups. The Navigli area is adjacent to the southern edge of the city centre and is a trendy, vibrant and gentrifying location. It is considered one of the most charming parts of the city, is well-known for its design and fashion workshops and is in an excellent location for educations institutions with three main universities of Milan within a 1km radius.
Mario Pellò, Head of Investment, Italy, at TH Real Estate, comments: "Milan is the most attractive place for businesses, outpacing other Italian cities. Via Darwin is located in the semi-centre Sub-market in the south of Milan. This area has become a desirable location for businesses looking for a variety of office space with several banks, corporations and public institutions having offices in the area."
Via Darwin is eighth acquisition for the platform, and the second asset in Italy, following the first acquisition of Meraville Retail Park, one of Italy’s largest retail parks, located in Bologna. Via Darwin represents the third office asset, accompanying The Warehouse in Amsterdam and The Cube project under development by CA Immo in the heart of Berlin.
The European cities platform is part of TH Real Estate's resilient series, which applies strategies designed to focus on diversification, income and long-term capital growth. These strategies focus on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.