Savills IM SGR, through Alloro Fund, just sold Palazzo Pitteri in Trieste.

Its sale was finalized on March 1st, but the news was disclosed only two days ago.

According to the newspaper Il Piccolo, the property was taken over by a company attributable to the Venetian industrialist Alfredo Rubino. The latter also bought, from the Benvenuti family, the Grand Hotel Duchi d’Aosta (4* of 50 keys), the Hotel Vis a Vis (4* of 48 keys) and Villa Hausbrandt (planned to become a small 5* of 26 keys).

According to our references, Villa Hausbrandt would have been bought by the Benvenuti family for EUR 2.6 million and then sold to Mr. Rubino for EUR 3 million in 2020.

The amount paid for the sale of the building has not yet been communicated, however, it should be noted that about 6 years ago, during the definition of the deed of sale of the Allianz package (that in 2015 Allianz sold to the Alloro fund, owned by Bnp Paribas Reim Sgr, but now managed by Savills IM), Palazzo Pitteri was valued EUR 10.3 million, corresponding to € 3,986 per square meter.

In the meantime, given that the management has been particularly efficient, the value of the property has appreciated.