⏱ 1 min 30 read
Background
Pictet Alternative Advisors (PAA) manages alternative investments for the Geneva-based Pictet Group. At the end of June 2026, the firm managed around 58 billion dollars, including around 5 billion in real estate.
The key points
PAA has completed the purchase of seven historic residential buildings in central Milan, the Pictet Group announced on 27 October 2026. The transaction, named "Project Galileo", was carried out with the Italian manager Kryalos SGR.
Kryalos will manage the portfolio and Unicredit is the sole lending bank. The purchase price was not disclosed.
Key figures
- Buildings acquired: seven, in central Milan.
- Flats: around 150, with retail space on the ground floors.
- Gross floor area: around 26,000 square metres.
- Assets managed by Kryalos: around 15 billion euros, with 127 employees.
What it means for businesses
The buildings are located in districts including Centro Storico/Duomo, Brera, Magenta and Porta Nuova. The partners plan to modernise the flats and shared areas while preserving the historic character of the buildings.
Who says what
Pablo Granell Peris, head of European acquisitions in direct real estate at PAA, says he is convinced by the Milan market. According to him, demand exceeds available supply in prime districts.
PAA cites strong demand from domestic and international buyers, the influx of wealthy individuals and a limited supply of new housing.
Paolo Bottelli, founder and CEO of Kryalos, stresses the long-term orientation shared by the two companies.
What's next
Pictet had already invested in a project on Via Albricci in Milan, sold in 2025 earlier than planned. Upgrade works on the seven buildings are now to be launched.
