Pictet Alternative Advisors Acquires Historic Milan Portfolio

The portfolio spans 26,000 square meters, featuring significant retail footprints on ground floors alongside residential units in areas such as Brera, Porta Nuova, and the Duomo district. While financial terms remain undisclosed, Unicredit provided the sole financing for the acquisition. Pablo Granell Peris, head of European acquisitions at Pictet, noted that the firm intends to modernize the interiors and shared facilities while strictly preserving the existing architectural heritage.

This move deepens Pictet’s footprint in northern Italy, following their recent divestment of a value-add project on Via Albricci ahead of schedule. Kryalos SGR, which oversees approximately 15 billion euros in assets, will manage the properties. According to CEO Paolo Bottelli, the partnership aligns with a long-term strategy to capitalize on the city's influx of capital and limited housing inventory. As of June 2026, Pictet Alternative Advisors managed 58 billion dollars in total alternative strategies, with 5 billion dollars dedicated to direct real estate holdings.