Month: September 2020

Kryalos acquired two logistic assets for 14.2 mln € in total

29 September, Kryalos Sgr

Through its alternative real estate investment fund Thunder II, Kryalos completed the acquisition of two logistic facilities for a total of 14.2 million € and a total surface of 33,000 Sq m. The first asset is located in Vignate (Milan) and is entirely leased to a shipping company. It will undergo restructuring and expansion works upon termination of the current lease. The second asset is in Monterotondo (Rome) and is also leased to an international company operating in the logistics sector.

Source: Kryalos Sgr

Translator: Cristina Ambrosi

Demand for apartment rentals drops as offer increases

30 September, Milano Finanza

Immobiliare.it and Mioaffitto.it report a general increase in the availability of apartments for rent in the period between March and September, with Milan reporting a 68.7% increase in the offer against the national average of+14.2%. Although the demand has generally dropped in the whole country (-13.2%), prices have not reported any significant variation, as landlords expect the market to recoup soon. As a result, the rent of a two-roomed apartment costs on average 830 euro a month.

Source: Milano Finanza

Translator: Cristina Ambrosi

Covivio launches Wellio: “pro-working” in Milan

30 September, La Repubblica

In response to the recent changes in the way of working as a result of COVID, Covivio launched the “pro-working” space Wellio. Thought as the evolution of a coworking, its offices may be let on a flexible basis, even for just one month. Wellio offers common areas, a rooftop on the seventh floor, meeting rooms, a gym, a library, a phone box, a restaurant with view on Duomo, and a concierge service replacing the traditional reception. The space is accessible via phone 24/7, and the price for a workstation (800 € a month on average) varies according to the position.

Wellio occupies an historical building in Via Dante, Milan, which was requalified with a total investment of 15 million €. The space offers 400 workstations over six floors and a 4,700 Sq m surface. After only one month from its inauguration, 60% of its space has already been let.

Source: La Repubblica

Translator: Cristina Ambrosi

Aedes SIIQ sold Torre E in Milan for 12 mln

28 September, Ask News

Aedes SIIQ completed the sale to an institutional investor of the office building named Torre E (Tower E) in Viale Giulio Richard, Milan, covering 8,000 Sq m. The asset was sold for 12 million €, 1.5 of which will be destined to requalification works by the buyer.

Source: Ask News

Translator: Cristina Ambrosi

illimity Bank completed two senior financing operations for 12 mln

28 September, La Stampa

illimity Bank conducted two senior financing operations for a total value of 12 million €. The first loan amounted to 4 million € and was granted to Borgosesia. The underlying consists of corporate credits (30 million €) backed by residential assets, mostly in Lombardy. The second loan was issued to Zetland Capital and amounted to 8 million €. The underlying is constituted by corporate credits for a gross value of approximately 20 million backed by residential assets in Veneto.

Source: La Stampa

Translator: Cristina Ambrosi

Prime asset in Via Turati (Milan) sold to Kryalos

17 September, Monitor Immobiliare

Aquileia Capital Services announced the sale by Immobiliare Stampa of a prime asset located in Via Turati, Milan, to Milan Trophy RE Fund managed by Kryalos for 56 mln €. The asset is currently undergoing restructuring work and covers a gross surface of about 4,000 Sq m.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi

Milan: the requalification of the former Telecom HQ has started

20 September, Corriere della Sera

Coima appointed the Norwegian architecture firm Snøhetta for the requalification of the former Telecom building, located between Via Melchiorre Gioia and Via Bordoni in Porta Nuova, Milan. The project has been renamed P35 and will see the collaboration also of the Italian firm Park Associati.

Source: Corriere della Sera

Translator: Cristina Ambrosi

Savills got a franchising agreement for Radisson Hotel in Florence

21 September, Bebeez

Radisson signed a franchising agreement for the Conference Florentia Hotel in Florence, which is owned by Savills Investment Management. The hotel will be entirely restructured by Radisson Group and will be renamed Radisson Hotel Firenze following the franchising agreement between Savills and Radisson concerning the management of the hotel. The deal saw the participation of Aquileia Capital Services, a subsidiary of Bain Capital Credit, as a service provider.

Source: Bebeez

Translator: Cristina Ambrosi

Milan: new skyscrapers in the pipeline

14 September, Milano Da Vedere

Construction activities seem to have restarted in Milan after the lockdown.  The Park Towers, 77 and 55 metres high, will rise in a requalified industrial area comprised between Udine and Cimiano, Milan, with view on Lambro park. The towers will consist of 130 apartments plus a 5,000 Sq m shared garden and will be completed by 2023.

Torre Milano will rise near Via Melchiorre Gioia, a residential development for about one hundred apartments. By April 2022, East Uptown (90 m) will be completed in Cascina Merlata. There are also plans for the construction of student halls (65 m) near the Greco rail yard. The tower Nido Verticale (Vertical Nest), 125 m high, is currently under construction in Porta Nuova using innovative materials such as wood and glass.

Finally, the construction of Portico in CityLife will start in 2021 and is expected to finish in 2023: two connected buildings accommodating offices and a public space, as well as a hotel and a pool on the rooftop.

Source: Milano Da Vedere

Translator: Cristina Ambrosi

Intesa Sanpaolo to sell its leasing division Provis

18 September, Milano Finanza

Intesa Sanpaolo announced the sale of Provis, which manages credits and assets originating from leasing. Mediobanca, the advisor for Intesa, collected the non-binding offers for the business division, whose value is estimated around 1 bln €.  Prelios, in partnership with Bain and Illimity, are among the candidates, as well as DoValue. Meanwhile, Intesa Sanpaolo is also working on the merger with Ubi Banca, which will be completed in 2021.

Source: Milano Finanza

Translator: Cristina Ambrosi