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retail-shopping-centers Market News: Italian Real Estate Intelligence

Milan: Kryalos sold trophy asset in Piazza Cordusio to Mediobanca investors for 246.7 mln €
29 December, Kryalos Kryalos Sgr completed the sale for 246.7 million € of the former Palazzo delle Poste in Piazza Cordusio, Milan, to a club deal of investors coordinated by Mediobanca. The trophy asset used to accommodate the central post office and was renovated between 2015 and 2018 with an investment of 23 million €, obtaining the LEED Gold certification. The building is currently let to Starbucks, while its office space is leased to JP Morgan, Natwest and Kryalos. Source: Kryalos Translator: Cristina Ambrosi
Milan high street split between two price trends
15 November, Libero As an effect of the pandemic, the Milan retail real estate market reported two different trends concerning lease prices. In Corso Vittorio Emanuele, prices range between 4,000 and 9,000 euro/Sq m. Montenapoleone and Sant’Andrea are still the most exclusive streets with prices unchanged between 7,000 and 10,000 euro/Sq m, while Via Spiga reported declining prices (3,000-4,000 euro/Sq m). Corso Venezia also reported a slight decrease in prices (600-2,500 euro/Sq m), whereas in Porta Ticinese prices leases are stable at 500-600 euro/Sq m. The remaining areas of the city, however, have seen an increase in unlet spaces up to 20%. Once vacant, the lease is negotiated with the owner, resulting in a gap between offer and demand around 25%. Source: Libero Translator: Cristina Ambrosi