Skip to main content
PGIM Real Estate LogoPGIM Real Estate Logo
    • Company Overview
    • Innovation
    • Leadership
    • Locations
    • Contact Us
    • Careers
  • Overview
    • Real Estate Equity
    • Real Estate Debt
    • Public REIT Securities
    • Defined Contribution
    • Agriculture
    • Sustainable Investing
    • Global Data Centers
  • Overview

    Property Sectors

    • Multifamily
    • Affordable
    • Commercial
    • Agriculture

    Capabilities

    • Core
    • Core Plus & Structured Debt
    • Agency

    Servicing

    • Loan Services
    • BorrowerConnect
    • PruXchange
  • Insights
  • Innovation
  • Sustainability
  • News
Press Release

PGIM Real Estate’s new joint venture with Cittamoderna makes its first acquisition in Milan residential PGIMRealEstate’snewjointventurewithCittamodernamakesitsfirstacquisitioninMilanresidential

Aug 2, 2023

3 mins

Share
  • Mail
  • LinkedIn
  • Twitter
  • Copy URL
  • Print
Download here

Share

PGIM Real Estate has entered into a new joint venture with Cittamoderna to invest and deliver residential properties in major cities across Italy. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM.

The venture will target residential, or to be developed into residential, sites with the aim to develop, refurbish, manage and sell the properties via fractionated sale. The venture will focus on investments in Italy’s major cities including Milan. PGIM Real Estate has entered the venture on behalf of its European value-add strategy.

Cittamoderna is a real estate investment firm active since 1950 in residential development and prime assets redevelopment with over 320,000sqm developed to date. In 2019, Antonio Prezioso and Piera Prezioso launched Cittamoderna Asset Management Platform aimed at managing institutional investors owned assets.

The venture’s first investment is a redevelopment of an existing office site in Milan totaling 7,000 sqm, into roughly 100 unit for sale residential apartments. The apartments will be developed with strong environmental considerations including optimization of solar light and improving energy through high performance insulation. The building is in a strong location well suited to residential development with nearby amenities such as supermarkets, banks and gyms, and strong transport links with close proximity to Milan city centre.

The residential sector in Italy has continued to see strong investor interest in prime locations in major cities, such as Milan, given long standing undersupply and the strong demand for high quality and energy efficient assets.

Musie Bocrezian, Head of Transactions for Italy at PGIM Real Estate comments, “Italy’s residential market is hugely undersupplied – we are seeing strong demand for high quality, efficient and sustainable buildings in major cities, and this is exactly what our venture aims to deliver. Our first investment will supply around 100 modern apartments in a prime location in Milan, attracting new residents to the area. We are delighted to partner with Cittamoderna and look forward to developing our pipeline.”

Antonio Prezioso, CEO at Cittamoderna AM said, “The main strength of the JV between PGIM Real Estate and Cittamoderna is the perfect combination between PGIM’s strong financial capacity and Cittamoderna’s established expertise in Italian residential industry”

Led by Bocrezian, PGIM Real Estate has a dedicated on-the-ground transaction team in Italy since 2020. Based in the group’s Milan office, the team has made investments across sectors such as hospitality, logistics and residential.

For the venture’s first investment, PGIM Real Estate and Cittamoderna were advised by Shearman and Sterling (Legal), Todarello & Partners (Legal), DILS (Agent) and Avalon. The transaction was financed by Banco BPM.

Download here
Learn more
Value-Add Equity

Appreciation-driven returns, primarily through development and repositioning.

Learn more

  • About Us

    • Company Overview
    • Leadership
    • Locations
    • Contact
    • Careers
    • Client Portals
  • Investments

    • Overview
    • Real Estate Equity
    • Real Estate Debt
    • Public REIT Securities
    • Defined Contribution
    • Agriculture
    • Sustainable Investing
    • Senior Housing
    • Mexico Industrial
  • Financing Solutions

    • Overview
    • Multifamily
    • Affordable
    • Commercial
    • Agriculture
    • Core
    • Core Plus & Structured Debt
    • Agency
    • Loan Services
  • ESG

    • ESG Overview
    • Environmental
    • Social
    • Governance
  • Insights & News

    • Insights
    • News
  • Other Resources

    • Form CRS
PGIM Real Estate Logo
  • Terms & Conditions
  • PGIM Privacy Center
  • Accessibility Help
  • Cookie Preference Center

Disclosure Statement (California)opens in a new window     Disclosure Statement (Japan)       Disclosure Statement (UK)opens in a new window      Disclosure Statement (Luxembourg)opens in a new window      

For Professional Investors only. All investments involve risk, including the possible loss of capital.

The content and materials presented here are for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training. 

In the United Kingdom, information is issued by PGIM Private Alternatives (UK) Limited with registered office: Grand Buildings, 1-3 Strand,  Trafalgar Square, London, WC2N 5HR. PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorized and regulated by the Commission de Surveillance du Sector Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Private Alternatives (UK) Limited or PGIM Limited in reliance of provisions, exemptions, or licenses available to either PGIM Private Alternatives (UK) Limited or PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited and PGIM Private Alternatives (UK) Limited  have their registered offices at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorized and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorized and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 181389). These materials are issued by PGIM Luxembourg S.A., PGIM Limited or PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA. 

In Japan, information is provided by PGIM Real Estate (Japan) Ltd., a Japanese asset manager that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is issued by PGIM (Hong Kong) Limited, a regulated entity with the Securities and Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd., a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser.

In Australia, information is issued by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general information of its wholesale clients (as defined in the Corporations Act 2001). PGIM Australia is an Australian financial services (“AFS”) licence holder (AFS licence number 544946). 

PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos and Rock design are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary.

©2024 PFI and its related entities.

 

Links

Links from this website to a non-PGIM website may be provided for the user’s convenience only. PGIM does not control or review these third-party sites nor does the provision of a link imply any endorsement of our association with such non-PGIM sites. Your linking to any websites from this website is at your own risk. To the extent that any information on this website relates to a third party, this information has been provided by that third party and is the sole responsibility of such third party and, as such, PGIM accepts no liability for such information. Subject to the terms of applicable service or other agreements, we will remove any link from this website upon request from the owner of the linked website.

Links from this website to affiliates are provided for the user’s convenience only. Each affiliate’s website is issued or approved solely by the applicable affiliate and unless stated otherwise on such affiliate’s website, is not issued by PGIM, Ltd. or any other non-U.S. entity. Each affiliate is solely responsible for the content of its respective website. The laws governing any affiliate and its respective websites may differ from the laws governing pgim.com and the relevant website's terms and conditions and policies may differ from those of pgim.com.

©2024 PFI and its related entities.

 

NMLS ID# - 172545

PGIM Real Estate Logo
PGIM Real Estate Logo

You are viewing this page in preview mode.

Edit Page