Värde Partners Acquires a 20% Stake in Borio Mangiarotti through a Capital Increase

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May 8, 2019

MILAN – Värde Partners, a leading global alternative investment firm, announced today its investment in Borio Mangiarotti S.p.A., a Milan-based construction and real estate development company that has been active in Italy for nearly 100 years. Värde Partners will acquire a 20% stake in the Company through a capital increase.

This investment serves to further strengthen the partnership between Värde and Borio Mangiarotti that was established in 2017 to pursue real estate development projects in Italy. In particular, SEIMILANO is a key regeneration project in the west area of Milan, which involves the redevelopment of ​​over 30 hectares with an investment of over €250 million. The masterplan, designed by the architect Mario Cucinella, is a three-year plan to develop approximately 1,000 apartments (half of which will be for fixed price residential), 30,000 square meters of class A offices, 10,000 square meters of retail space and a nearly 200,000 square meter public park designed by the internationally renowned landscape architect Michel Desvigne.

Värde Partners’ investment sets new strategic goals to ensure high standards of quality for a new residential asset class. Borio Mangiarotti intends to be a benchmark of excellence in residential development in Italy, and a promoter of a radical transformation of the sector towards an increasingly services-oriented model, focused on environmental sustainability and technological innovation.

Edoardo De Albertis, Borio Mangiarotti’s CEO said: “We are happy with this step that marks the union of two partners that have a shared vision of growth, with the aim of strengthening Borio Mangiarotti’s position in the real estate development of Milan. The entry of Värde into the capital of Borio Mangiarotti will enhance our reciprocal strengths: industrial experience, know-how and knowledge of the market on the one hand; ability to allocate resources, financial and managerial skills on the other.”

Luca Malighetti, Värde Partners Managing Director and head of real estate investments in Italy, added: “Värde’s investment in this historic Milanese company is a recognition of Borio Mangiarotti’s deep expertise and reaffirms our commitment to the sector. We believe in the potential of Milan, one of the most interesting cities on the European scene, and in its residential market in particular, which continues to show room for growth thanks to a high demand for quality residential properties, in line with international standards.”

Lazard acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners served as legal advisor to Borio Mangiarotti S.p.A.; BNP Paribas and DLA Piper acted respectively as financial and legal advisor to Värde Partners.

About Borio Mangiarotti S.p.A.
Borio Mangiarotti is a real estate development company, operating in the recent years as a promoter-builder and general contractor. The Company boasts a long tradition and almost 100 years of activity in the industry, contributing to the development of more than 400 on site buildings and more than 3,000 apartments in addition to underground parkings, offices and shopping centers. The Company is strongly focused on quality, safety and training and nowadays employs 60 people. Leveraging on its strong expertise, Borio Mangiarotti has become one of the most relevant players in the Italian real estate scenario, developing important relationships and partnerships with major Italian and International companies.

About Värde Partners
Värde Partners is a $14 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, financial services, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore. Värde has invested about $2 billion in Italy over the past 10 years and established its Milan office in 2014.

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Värde’s investment platform has a global perspective with offices in 14 locations around the world.