Fosun to buy landmark building in central Milan

By Cherry Cao | July 29, 2015, Wednesday |

Online Edition

FOSUN Group, a Chinese conglomerate controlled by billionaire Guo Guangchang, announced today that it has acquired a landmark building in the center of Milan, Italy, through its Portuguese subsidiary Fidelidade Insurance as the company taps further into the overseas real estate market.

The historic Palazzo Broggi, the former headquarters of Italy's largest lender UniCredit SpA with a total gross floor area of about 47,000 square meters, was sold to Fosun for 345 million euros (US$382 million).

The deal is a key milestone in Fosun's approach to strengthen and diversify its real estate portfolio in Europe following its acquisition of Lloyds Chambers in London in October 2013, Fosun said in a statement.

"Fosun remains upbeat on investment opportunities for core properties in key European cities," said Xu Xiaoliang, vice president of Fosun Group. "We will continue to strengthen cooperation with our insurance subsidiaries and continue to expand our real estate business in Europe."

Shanghai-headquartered Fosun has been aggressive in its expansion of overseas real estate presence. In May, the company announced that it would partner New York developer JD Carlisle LLC in a luxury property development project in midtown Manhattan, its second project in New York following its purchase of One Chase Manhattan Plaza in 2013.

In April, Fosun partnered Australia’s EG Funds Management to co-develop three apartment buildings in Sydney and Brisbane. Prior to that in January, it teamed up with Propertylink to buy a 14,672-square-meter office building in Sydney for A$116.5 million (US$92 million), which was its first foray in the Australian property market.

Real Estate Fosun

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Fosun to buy landmark building in central Milan

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