Transfer of the buildings
In February 2019, with a transaction worth €54 million, Human Company, a Florentine group active in the hospitality and catering sectors and a leader in open-air tourism in Italy, concluded the sale of the buildings that house the latest-generation hostels of the PLUS circuit in Florence and Berlin to a fund managed by PGIM Real Estate, the real estate investment management business of Prudential Financial Inc. with real estate assets of over 70 billion. The adviser for the transaction was Banca IMI, the Intesa Sanpaolo Group's banking institution.
The transaction forms part of the Group's development plan, which foresees ever-greater investments in the open-air accommodation segment, including those already announced in the new villages of Porto Tolle (Rovigo), Eraclea (Venice) and Cavriglia (Arezzo). As part of the sale, the Human Company Group will maintain direct management of both properties for 27 years.
"This transaction," emphasised Marco Galletti, CEO of Human Company, "has allowed us to create liquidity to support the Group's development plans in the open-air segment in Veneto and Tuscany, while consolidating relations with our corporate partners. The PLUS brand remains a strategic asset for our business, as one of the most popular brands in Europe in the hostel+hotel segment, thanks to the long-term management of the properties."