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land Market News: Spanish Real Estate Intelligence

Veneto incentives the recovery of lands
10 June, Il Sole 24 Ore The region of Veneto renewed the housing regulation that incentives the recovery of unused land. The objective is to generate value from assets that have no longer market value, like old hotels, warehouses and public assets”. If the properties are demolished, the land will be redeveloped and the credit connected to the assets used to fund other housing projects. Once fully operational, the law is estimated to generate value from about 150 thousand Sq m of land. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
Milanosesto: new governance and 100 million by September
26 April, Il Sole 24 Ore There are some developments concerning Milanosesto, the ambitious requalification project of the former Falck steelworks located between Milan and Sesto San Giovanni. The interests held by the retail division of the Saudi group Fawaz Alhokair Arabian Centres might rise from 25% to 50%. However, the company will have to find capitals for a total of 100 million as a settlement for the lands bought to build a shopping mall. On the other hand, Davide Brizzi, holding 46.69% of the project, and Intesa Sanpaolo aim at defining the governance which might see the involvement of Prelios and Hines. This latter is meant to find institutional investors to invest in the single lots of the project. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
Inquorate auction for the former Monza trade exhibition
16 December, Avvenire The first auction to sell the old trade exhibition in Monza was inquorate. The asset has a surface of 20,500 Sq m. The City of Monza decided to sell it at auction last August at a starting price of 4,189,125 euro. The city administration is worried for the failed auction. For City Councillor for State Property Simone Villa, this is just a tactic of the companies involved since they are seriously interested in the asset due to its strategic value. Villa says: “While we haven’t reached an agreement yet, I’d like to remind that we successfully sold the former Inam building, which is located in the city centre, in Via Giuliani. The area is degraded and located near the city library. It will soon return to its central role in the city life. Moreover, we’ve managed to sell the area in Via Sicilia. The asset is used to showcase cars. We earned over 1.1 million euro from the operation”. From the eighties till 2010, the space in Via Stucchi accommodated the Monza trade exhibition, the biggest in the Brianza region.  In addition, the area used to host several events such as Mia (the international furniture trade fair) organised by Apa Confartigianato. With the new millennium, however, the event became outdated, and the facility closed down five years ago. In 2012 Ente Fiera stopped its activities, ending all the projects and dreams for a modern exhibition centre for Brianza. In the past few years, the space had been used by the circus and other shows. Villa comments: “We’re working to make of this area the eastern gateway to the city. I’m sure we’ll soon sign the sale agreement for this space. Many players have expressed their interest. Many wanted to visit the area and made inquiries to our offices”. The new urban plan implies that the area can be used in many ways: commercial, production, services or as a multifunctional centre. The area borders with the Brianteo stadium, which Berlusconi wants to turn it into a multispace. The stadium is located only 100 metres from the sports centres and right across Apa artisanal district. Source: Avvenire Translator: Cristina Ambrosi