Two new operations for Arsenale sgr through the Areus I fund for a total investment of 48 million dollars. The real estate fund – closed-end and reserved for qualified investors who invest with strategy value add on the redevelopment of flex office spaces and life science in the districts of Los Angeles / South California, San Francisco / Silicon Valley and Boston – acquired two assets in California.
The assets
The first is a building of about 5 thousand square meters used for offices and Research & Development laboratories in Silicon Valley, in Sunnyvale.
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The second asset is an industrial building covering an area of approximately 3 thousand square meters developed on a single floor, in the Sorrento Mesa district of San Diego. Just one year after its inception, the fund has already finalized 4 major investments by allocating capital for about 40% of total subscriptions, which have largely exceeded the initial target, reaching 160 million dollars.
Similarly to the Sunnyvale project, the San Diego building will also be subject to redevelopment works and adaptations to meet the needs of companies active in the Life Science sector that increasingly require low-rise buildings (1/2 storeys), large open- space, outdoor and indoor spaces usable as dining areas, kitchen areas and areas dedicated to fitness and relaxation.
Already allocated 40% of total subscriptions
Just one year after its inception, the fund has already finalized 4 major investments in value-add projects by allocating capital for about 40% of total subscriptions, which have largely exceeded the initial target reaching 160 million dollars, with a repayment of capital equal to 0.95x. With the finalization last June of the sale of a property located in Waltham (Boston), in fact, the fund already has a value of 43% higher than the paid up and has distributed 95% of the paid up to the subscribers to date. The transactions just concluded strengthen the presence of Arsenale sgr in the San Diego area, the third largest in size and importance after Boston and San Francisco, and the expertise in specific sectors, such as biotech and life science, particularly crucial for the global economic recovery in the ‘was post-covid.
