8 JANUARY 2026
VALESCO COMPLETES LANDMARK INVESTMENT IN €200 MILLION MONCLER GLOBAL HQ IN MILAN WITH €80 MILLION SENIOR GREEN LOAN
Global luxury fashion brand Moncler has relocated to trophy scheme in Milan’s prime Symbiosis district
Transaction completion has been part funded with a green loan facility from BNP Paribas, agreed at a record low margin for the Milan commercial real estate market
Valesco has completed over €1 billion of financings and refinancings with 12 blue-chip European lenders in the last 2 years
Italy, and Milan in particular, has become an increasingly attractive destination for international capital and corporates
The Valesco Group (“Valesco”), the fast-growing London headquartered European real estate fund manager, has completed the majority controlling investment in Casa Moncler, the brand new global headquarters of luxury fashion brand Moncler SA in Milan, developed by Covivio SA. The c.€200 million transaction is the largest in the Italian office sector for three years and has been part funded with an €80 million green loan provided by BNP Paribas, the French multinational bank.
Moncler SA, founded in 1952 and with a market capitalisation of €15 billion, has signed a 15-year inflation-linked lease without breaks. Having officially inaugurated the campus in October 2025, Casa Moncler brings together more than 700 Moncler employees previously located across three Milan offices, consolidating all creative, corporate and commercial functions into a single mission critical headquarters.
Comprising c.38,000 sqm of Grade A+ space, the campus provides a new amenity benchmark including a 600 sqm ground-floor gym, a variety of dining experiences, and a multi-purpose double-height modular auditorium for exhibitions and fashion events. With LEED Platinum and WELL certification targeted, it boasts advanced sustainability features such as photovoltaic panels, rainwater collection systems, and a repurposed industrial chimney for bioclimatic air circulation. Its construction prioritises energy efficiency, natural materials, and indoor air quality, reflecting the leading ESG practices that top-tier occupiers demand.
The muti-year loan facility with BNP Paribas has been agreed on attractive terms, including a record low lending margin for the Milan commercial real estate market. It reflects the robust lender appetite for the asset’s best-in-class real estate fundamentals, including its future-proof design, ESG profile, blue chip tenant covenant, differentiated return on experience to its occupier and the continued institutional appetite for exposure to well-located mission-critical offices in Europe’s most dynamic markets. It also reflects the growing confidence in Italy’s macroeconomic outlook, reinforced by Italy’s recent sovereign credit rating upgrade by Moody’s.
The transaction marks the latest in a series of senior financings and refinancings that Valesco has closed to support the growth of its high-quality c.€3 billion and growing pan-European office platform. In the last two years, Valesco has completed over €1 billion of financings and refinancings with 12 blue-chip European lenders.
Underpinned by a supportive regulatory regime and economic policy, Italy has become an increasingly attractive destination for corporates, investors and talent. Milan in particular, which remains Italy’s most liquid real estate market and has benefitted from major strategic urban development initiatives and infrastructure-related investment for the upcoming 2026 Winter Olympics and Paralympics, has established itself as a major European hub alongside traditional financial centres like London, Paris and Brussels.
Shiraz Jiwa, Founder and CEO of The Valesco Group, commented:
“Casa Moncler is a pinnacle of world-class office design, sustainability and return on occupier experience and we are delighted to have completed another landmark office investment – and one of Europe’s most sizeable in recent years – adding another long-let mission critical asset to the portfolio and further enhancing its strong income profile.
“The transaction with BNP Paribas was underpinned by strong alignment and collaboration. As a close partner, they share our conviction and ambition in the outlook for best-in-class office assets and their depth of sector knowledge and quality of execution made them an ideal financier.”
Umberto Di Giorgio, Head of Real Estate Capital Markets Italy, BNP Paribas, commented:
“We are proud to have supported The Valesco Group in this first deal in Italy, allowing us to start a relationship with a Group whose focus on sustainability features fits very well with the strategy and positioning of BNP Paribas group.
“The financing we provided is structured as a green loan based on the outstanding ESG profile of the underlying asset, with strong visibility on the cash flow generation during the loan lifespan. The transaction confirms once again the strong interest of investors for Tier 1 office properties.
“We are confident that this first deal paves the way to further expand the relationship between the two groups, both in Italy and across Europe.”
In Moncler’s official HQ inauguration press release, President and CEO Remo Ruffini, stated:
“Casa Moncler is not just a place – it’s the manifesto of who we are and what we strive to continue being. For the first time, we are bringing together over 700 colleagues from our Milan offices under one roof, in a space designed to foster collaboration, dialogue, and creativity. Here, we want ideas to move fast, and creativity and uniqueness to find their voice. Here, everyone is part of something greater. Casa Moncler is where our energy takes shape and becomes the future.”
Valesco was advised by Dils, Chiomenti, A&O Shearman, Marchetti, PwC, Savills IM and Arcadis.
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