Pictet Alternative Advisors and Kryalos acquire a Prime Central Milan Residential portfolio
The portfolio comprises approximately 26,000 sqm of gross area and around 150 residential units, complemented by ground-floor retail space that is characteristic of Milan's mixed-use urban fabric.
The assets are located across desirable residential districts, including Centro Storico/Duomo, Brera, Magenta and Porta Nuova, and provide exposure to a market that benefits from strong domestic and international demand; increasing inflows of high-net-worth individuals; and a structural shortage of new housing supply.
A targeted value-add programme will be undertaken across the portfolio, focused on upgrading apartments, enhancing common areas, improving resident amenities and modernising selected spaces. The strategy builds on the strong underlying quality of the assets while preserving their architectural identity and character.
The partnership brings together Pictet’s international investment expertise and Kryalos’ established asset management platform and deep knowledge of the Italian real estate market. Kryalos will support the implementation of a long-term strategy designed to preserve and enhance the distinctive qualities of the properties.
Project Galileo follows Pictet's successful investment in Via Albricci, a value-add residential project in central Milan that was exited ahead of schedule in 2025.
Pablo Granell Peris, Head of European Acquisitions, DirectReal Estate at Pictet Alternative Advisors, commented: “Project Galileo represents a rare opportunity to acquire scale in some of Milan's most prestigious residential neighbourhoods through a single transaction. The portfolio combines exceptional locations, attractive historic buildings and significant asset management potential. We continue to have strong conviction in Milan's residential market, where demand continues to outpace available supply across the city's prime districts.”
Paolo Bottelli, Founder and CEO of Kryalos SGR, commented: “We are pleased to welcome Pictet as a new investor in this distinctive portfolio and to begin a partnership founded on a shared long-term vision. The properties represent a rare collection of residential buildings in some of Milan’s most sought-after locations, distinguished by their architectural character and their close connection with the city’s urban fabric. Kryalos will manage the portfolio drawing on its extensive knowledge of the assets and the local market to support a strategy that combines careful stewardship and the enhancement of their distinctive qualities over time.”
Note to Editors
About Pictet Group and Pictet Alternative Advisors
The Pictet Group is a partnership of owner-managers, with principles of succession and transmission of ownership that have remained unchanged since foundation in 1805. It offers only wealth management, asset management, alternative investment solutions and related asset services. The Group does not engage in investment banking, nor does it extend commercial loans.
With CHF 810 (EUR 878, GBP 756, USD 1004) billion in assets under management or custody at 30 June 2026, Pictet is today one of the leading Europe-based independent wealth and asset managers for private clients and institutional investors.
Founded and headquartered in Geneva, Switzerland, Pictet today employs around 5,600 people. It has 31 offices worldwide, in Amsterdam, Barcelona, Basel, Brussels, Dubai, Frankfurt, Geneva, Hong Kong, Lausanne, Lisbon, London, Luxembourg, Madrid, Milan, Monaco, Montreal, Munich, Nassau, New York, Osaka, Paris, Rome, Shanghai, Singapore, Stuttgart, Taipei, Tel Aviv, Tokyo, Turin, Verona and Zurich.
Pictet Alternative Advisors (PAA) is an independent unit within the Pictet Group that manages investments in hedge funds, private equity, private debt and real estate assets for both private and institutional clients. Pictet employs around 200 alternative investment specialists and manages USD 58 billion in alternative strategies, with USD 32 billion in private equity, USD 21 billion in hedge funds, USD 5 billion in real estate and close to USD 1 billion in private debt (as of 30 June 2026).
About Kryalos SGR
With €15 billion of AUM and a team of 127 professionals, Kryalos SGR is one of the most active players in the Italian real estate market. Recognised as one of the "significant in terms of size" SGR under the Bank of Italy Regulation, the company offers transaction management, real estate and credit fund management, development and advisory services, and partners with Italian and international leaders.
