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All Market News: Spanish Real Estate Intelligence

Engel&Volkers: 25% gap between offer and demand for leasing of retail spaces in Milan
21 October, Il Sole 24 Ore Engel&Volkers reports that about one-third of the shops in Milan has already closed as a result of the pandemic. It’s still not known whether such a situation is temporary or permanent. The general trend is to avoid vacant properties. For this reason, the tendency in the past few months has been to reach a mutual agreement between owners and tenants. Despite that, the market reported a 25% gap between offer and demand. Besides, the key money, namely the price for the location, has become impossible to request, despite the excellent location. The vacancy rate has gone from 2-4% in February to the current 20% in Corso Matteotti and 10% in Corso Buenos Aires and Via Manzoni, and it’s expected to increase by 5% for shops in the city centre. Exclusive locations like Via Montenapoleone, Via Della Spiga and Piazza Gae Aulenti are the only exceptions, as brands are holding on to not lose their position. Via Montenapoleone and Via Sant’Andrea are still the most expensive streets, with prices between 6,000 and 10,000 euro/Sq m. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
 
Milanosesto: co-investment agreement between the Kuwait sovereign fund and Hines
21 October, Il Sole 24 Ore Kia-Kuwait Investment Authority, the Kuwait sovereign fund, will be the co-investor together with Hines for the development of Unione Zero, a part of the wider requalification project of Milanosesto (1.5 million Sq m). Hines and the Fund are expected to invest 500 million € in the area, which covers about 250,000 Sq m, to implement 11 buildings accommodating offices, hotels, apartments for rent, student halls and social housing.  Works will start by June 2021. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
 
Milan: Borgosesia RE to develop residential complex
20 October, Bebeez Borgosesia RE will develop a residential complex in the province of Milan on behalf of a company operating in the NPL sector. The asset is partly completed but left unused for quite some time. Borgosesia RE will requalify the area and proceed with marketing the residential units. This is the first operation of the company involving a third party. Borgosesia specialises in the completion of real estate developments addressing financial players looking for profitable investments or advising them on how to manage real estate portfolios they acquired from banks. Source: Bebeez Translator: Cristina Ambrosi