Pictet Alternative Advisors (PAA) has completed the acquisition of seven historic residential buildings in central Milan. The transaction, carried out under the name "Project Galileo," took place as part of PAA's direct real estate investment strategy and in partnership with Italian real estate manager Kryalos SGR. This was announced by the Pictet Group on Tuesday.

Kryalos will manage the portfolio. Unicredit, as the sole lending bank, is providing the financing. The companies did not disclose the purchase price.

150 apartments in central locations

The portfolio comprises a gross floor area of around 26,000 square meters and about 150 apartments. It also includes retail space on the ground floors. The buildings are located in, among other areas, the Centro Storico/Duomo, Brera, Magenta and Porta Nuova districts.

Exclusive apartments in an exclusive location: Pictet Alternative Advisors is expanding its exposure to Milan's residential property market. (Image: provided)

Pictet Alternative Advisors justifies the commitment with strong demand from both domestic and international buyers, the growing influx of wealthy individuals and a structurally limited supply of new housing.

"We remain convinced of the Milan residential property market, where demand in prime districts continues to outstrip available supply," says Pablo Granell Peris, head of European acquisitions in Direct Real Estate at Pictet Alternative Advisors.

Modernization with an eye to the historic fabric

The partners plan targeted investments to enhance the properties. These include modernizing apartments, improving shared areas and adding amenities for residents. The architectural identity and character of the historic buildings are to be preserved.

The transaction offers a rare opportunity to build a larger presence in some of Milan's most prestigious residential neighborhoods with a single acquisition, Granell Peris said. In addition to the location, he points to the potential to create additional value through active management and further development of the properties.

Building on a previous Milan investment

For Pictet, this is another commitment to the residential property market in the northern Italian metropolis. The firm had already invested in a value-add project on centrally located Via Albricci. According to the announcement, that investment was sold in 2025 earlier than planned.

Kryalos says it manages assets of around 15 billion euros and employs 127 people. Founder and CEO Paolo Bottelli emphasizes the two companies' shared long-term orientation. Kryalos will contribute its knowledge of the properties and the local market to preserve and further develop their distinctive qualities.

Pictet Alternative Advisors is responsible for alternative investments within the Geneva group. At the end of June 2026, the firm managed around 58 billion dollars in alternative strategies, including about 5 billion dollars in real estate.