Private equity firm Investindustrial will act as anchor investor in the listing of Kaleon SpA, the vehicle created by Italy’s Borromeo family to manage and develop a portfolio of historic real estate assets on Lake Maggiore, according to sources cited by Bloomberg.

Kaleon will debut on the Paris and Milan exchanges at €4 per share, giving the business a €56.5m valuation. The proceeds will support a plan to transform the islands and surrounding estates into a luxury tourism and business hub able to compete with nearby Lake Como.

Giberto Borromeo, vice chairman of Kaleon, said the region remains underdeveloped internationally despite its potential. He described the listing as a step toward building a wider platform capable of managing additional heritage sites in Italy and Switzerland. The company is already in talks with owners of historic properties in the Veneto region and across the border in Switzerland.

Kaleon intends to operate its portfolio through long-term lease agreements rather than direct ownership, focusing on preservation, maintenance, and cultural experience. Property owners may have the option to become shareholders in the listed company.

The Borromeo family has shaped the Lake Maggiore area for centuries. Its holdings include palaces, gardens, and several islands, such as Isola Bella. The family has continued to restore landmark sites, including the Cannero Castles, which sat idle for 500 years before their rehabilitation last year.

Investindustrial, led by Andrea Bonomi, will retain a minority stake after the listing.

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