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Fosun completes US$381m Milan deal
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Chinese conglomerate Fosun Group yesterday announced its purchase of Palazzo Broggi in central Milan, Italy, as it continues to grow its foreign real estate holdings.
The company paid 345 million euros (US$381 million) for the 47,000-square-meter former headquarters of Italy鈥檚 largest lender UniCredit SpA in a deal handled by its Portuguese subsidiary Fidelidade Insurance.
The deal is 鈥渁 key milestone鈥 in the company鈥檚 efforts to build its real estate portfolio in Europe following its acquisition of Lloyds Chambers in London, England, in 2013, it said in a statement.
鈥淔osun remains upbeat on investment opportunities for core properties in key European cities,鈥 said Vice President Xu Xiaoliang, adding that the company 鈥渨ill continue to strengthen cooperation with our insurance subsidiaries.鈥
In May, Shanghai-headquartered Fosun, which is controlled by billionaire Guo Guangchang, announced it would partner New York developer JD Carlisle LLC on a luxury property development in midtown Manhattan.
The project is the company鈥檚 second in New York, following its purchase of One Chase Manhattan Plaza in 2013.
According to a report by property consultancy Knight Frank, China鈥檚 overseas real estate investment rose to US$15 billion last year, with most of the money going to the United States, United Kingdom and Australia.
The firm forecast the total to rise to between US$20 billion and US$30 billion this year.
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