Activated in December 2012, the CORE compartment focuses on real estate investments in office and retail sectors in Italy, Germany, the United Kingdom and Belgium.
It is based on an investment strategy oriented to the purchase of prestigious buildings, leased mainly to primary lessees with long-term contracts. These buildings are generally well situated and of high quality, also following redevelopment.
The CORE compartment objectives include the conservation of the value of the buildings over time to generate constant cash flows for the shareholders, and the optimisation of the profitability and value of the real estate portfolio, also through building maintenance and redevelopment activities.
Brief Fund Timeline
Between December 2012 and August 2013 two buildings were purchased in Rome, the branches of a primary company working in the telecommunications sector and a multinational operating in the industrial/technological sector, and in Milan, the headquarters of a primary insurance undertaking. These buildings are for executive use, in excellent locations with easy access using both public and private means of transport. Moreover, the buildings are of high quality, following recent restructuring works and because of the high standing of the tenants.
In December 2013 a contribution transaction was concluded, involving four buildings in Milan and two in Rome, all recently renovated or currently under redevelopment, all characterised by the high quality of the buildings, their strategic position and easy access. The main use of these assets is as offices, and are leased to primary Italian and/or foreign companies.
On December 2014, a new storey office building in the new business district of Milan called Porta Nuova, was contributed to the Sub-Fund Core and at the moment is located to a primary e-commerce company.
In August 2016 a modern executive building in the EUR district was purchased; this building if fully leased to a primary energy company.
On January 2017, Antirion Global Fund Sub–Fund Core set up a 50% JV with a Luxemburgish company for the building called “Principal Place”. The property located in City of London, around 250 m from Liverpool Station, is fully let to a primary e-commerce company.
On October 2017, the building located in Milan in Viale Luigi Sturzo 55, which is currently undergoing complete refurbishment was brought into the Core Sub-Fund.
In the last quarter of 2017 a detached property in Corso Vittorio Emanuele, one of Milan and Italy’s major shopping streets, was acquired.
On October 2018, the Sub-Fund acquired a property located at 55 Wells Street, in London. This transaction marks the second international purchase closed by the Fund.