White City Buildings Group Completes Four Italian Real Estate Deals Worth €130 Million
Translated & summarized from Maariv by baba
The White City Buildings Group (WCG) has completed four real estate deals in Italy valued at approximately €130 million. The company acquired two Rome properties for about €50 million, intending to convert them into four and five-star hotels. WCG also sold two previously acquired properties, the Toniolo and Rasella buildings, which are slated for conversion into hotels. CEO Oren Pascal highlighted the company's value-creation model and its continued expansion in Italy, with plans for further deals in Milan and Venice.
The story in 6 lines · by baba
- White City Buildings Group acquired two Rome properties for €50 million to develop hotels.
- The company completed two property sales in Italy, totaling approximately €130 million.
- One acquired property is near Piazza del Popolo, the other near the Spanish Steps.
- Sold properties include the Toniolo building near Piazza Navona and Rasella near Trevi Fountain.
- WCG CEO Oren Pascal emphasized the company's value-enhancement strategy in Italy.
- The group has completed eight deals in Italy since entering the market four years ago.
The White City Buildings Group (WCG) has finalized four real estate transactions in Italy, totaling approximately €130 million. This expansion includes the acquisition of two new properties in Rome for about €50 million, alongside the completion of two property sales, also valued around €50 million. These moves are part of WCG's strategy to grow its hotel portfolio in Italy by identifying prime-location assets with potential for value enhancement.
The newly acquired properties in Rome are strategically located. One is a 6,000-square-meter former private school in the Prati neighborhood, near Piazza del Popolo, which WCG plans to convert into a four-star hotel. The second, a 3,000-square-meter building near the Spanish Steps and the luxury shopping street Via Condotti, is slated for a major renovation and upgrade to become a five-star hotel.
Concurrently, WCG completed two divestments. The Toniolo project, a 2,200-square-meter building between Piazza Navona and the Pantheon, was sold to the Spanish hotel group Room00 in partnership with Kryalos SGR. This property, currently offices, is expected to be converted into a 45-room, four-star hotel. The Rasella project, a 2,500-square-meter building near the Trevi Fountain, was sold to the international hotel group H10. Previously an office building, it is designated for conversion into a 52-room, four-star hotel.
Oren Pascal, CEO of WCG, stated that these transactions exemplify the company's model of creating value through property enhancement. He expressed confidence in the Italian hotel market and identified opportunities in central locations. Pascal also mentioned a strategic deal near Milan's Duomo and ongoing negotiations for further transactions in Venice and other Italian cities, as part of the company's broader expansion in the country. Since entering the Italian market four years ago, WCG has completed eight significant deals, focusing on urban properties with development potential for hotels in prime locations, while continuing its operations in Israel in development, preservation, urban renewal, and hospitality.
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