Capreon and Fide complete first acquisition under new Milanese joint venture

Capreon, the Noé Group’s real estate investment and advisory arm, has acquired viale Jenner 20 (‘J20’) on the north side of the inner ring of Milan.

It is the first acquisition completed by Capreon’s new joint venture (‘JV’) with Finanziaria Immobiliare D’Este (‘FIDE’), a Milanese family-owned holding, development and asset management company. The JV seeks to identify opportunities to regenerate metropolitan Milan in response to strong demand for Class A residential units in the city. This includes prioritising ESG considerations to deliver energy efficient, modern and high-quality residences.

At J20, Capreon will create 40 high specification apartments and commercial space spanning the c.4,200 square metre property. Works are expected to commence early in 2023.

The JV with FIDE is Capreon’s first such partnership in continental Europe aimed at the residential asset class. Together, the partners will target to deliver units with a Gross Development Value (GDV) of €250-500 million over the course of the partnership.

Capreon has identified the European residential market as one of the most robust, underdeveloped and growing asset classes on the continent. The city of Milan, thanks to its exceptionally strong demographics, large demand-supply imbalance and continuous growth, has been highlighted as the perfect market for this asset class which can generate strong de-risked returns.

Raphael Noé at Capreon said: “We are pleased to work with FIDE and complete this first transaction for J20. We look forward to commencing the property’s redevelopment while exploring further opportunities presented by the Milanese residential market.”

Leopoldo Caciolli at Capreon said: “We strongly believe in the Italian market, especially in Milan’s residential sector. Teaming up with a local, forward thinking and experienced company like FIDE, which shares the Noé Group values, is extremely important for this strategy’s success. J20’s acquisition is a great way to start this partnership and we look forward to collaborating on many more projects together.”

Paolo Malesci at FIDE said: “We are pleased to begin this new journey with Capreon, a strategic international partner that shares the same investment ethics and principles of Finanziaria Immobiliare D’Este. The dynamism of the partnership is going to be one of the keys in order to succeed in the strong competitive environment that we find today.”


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About Capreon: Capreon is the real estate investment and advisory arm of the Noé Group. The firm has more than £2bn in assets under management, including science and technology real estate, retail, office space and warehousing.

Capreon is based in London but operates throughout Europe and Israel. The business has local knowledge but a global outlook and is not bound by an institutional mindset. This allows it to be flexible in its approach and enhance capital returns.

Capreon has over 40 years’ combined experience and is passionate about a partnership approach to real estate. The business embraces collaboration at all levels and geographies to create value for all its partners.

Capreon’s robust and sophisticated real estate investment model combines market analysis, stock selection, intelligent financing and intensive asset management.

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About the Noé Group: The Noé Group is an innovative family office providing investment management and advisory services in real estate and PropTech. Founded in 2017 by Zvi Noé, Raphael Noé, David Bloom and Leo Noé – one of the property industry’s most prominent executives – the Noé Group is built on more than 40 years of successful family office investment. 

The Noé Group operates throughout the UK, Europe and Israel through its principal businesses, Capreon and Goldacre.

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About Finanziaria Immobiliare D’Este (FIDE): FIDE is a holding and development management company founded in 1989 focused on urban regeneration investments. The Group is specialised in the  acquisition of assets to be converted in residential complexes and in the management and coordination of the design, agency and development process. The Group, directly or indirectly through its affiliates, has successfully completed circa 100 real estate projects since inception.

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