The Marzocco family has expanded its real estate interests into the London market and acquired a portfolio of properties in prime locations. Led by 31 year-old Jacopo Marzocco, the family’s investment vehicle, REDD – Real Estate, Design & Development – has built up a £100 million residential base. In Monaco the family is best known for its Odeon Tower project.
Jacopo Marzocco, Founding Director of REDD said: “REDD is a multi-national luxury property company which develops and manages property in world class locations. Initially operating in Monaco, we have now established operations in Prime Central London and plan to grow our London client base and expand the number of properties under development and management.
“Working with clients from around the world, REDD also provides the perfect conduit for London investors seeking to invest in Monaco and visa versa, and as part of our ambition to become an international brand we are constantly reviewing other real estate opportunities in wealth destinations across the world.”
Meanwhile, Lucian Cook, head of residential research at Savills, told the Times: “There’s a growing pool of domestic and international money waiting to exploit a perceived buying opportunity, subject to getting more clarity on what lies ahead politically and economically. Deal or no-deal Brexit, a bottoming-out in the value of sterling should act as the trigger to unlock pent-up demand.”
House prices for prime properties in London are on average 13.6 per cent below their pre-2016 referendum level and as much as 20.4 per cent below the market peak just over five years ago, according to Savills.
PHOTO: Jacopo Marzocco