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The American Värde investing 250 million in Milan
27 December, Il Sole 24 Ore
After Porta Nuova and the ex-Expo area, just to name a few projects, Milan confirms its status of city capable of attracting foreign investments for big urban regeneration projects. The last one in order of time is “Park West”, for the requalification of 400 thousand Sq m in the south-western suburbs of the city, close to the Bisceglie metro station.
The American Fund Värde Partnership has signed a joint venture agreement with the Milan-based company Borio Mangiarotti, owner of the land, for the implementation of a maxi-project aimed at creating a 24-hectares park (assigned to the French landscape architect Michel Desvigne) and a developable area of 120 thousand Sq m for mixed use (houses, offices, and commercial spaces). The masterplan is signed by the firm Mario Cucinelli Architects.
“Milan is going through a flourishing phase – notes the Ceo of Borio Mangiarotti, Edoardo De Albertis -. This alliance shows how innovative partnerships in an attractive city such as Milan can be interesting for international investors”.
The research of a financial partner started at the beginning of 2017 and was coordinated by Vitale & Co Real Estate, obtaining seven manifestations of interest, all from abroad. At the end of the process, Värde was selected, a long-term partner of Borio Mangiarotti for other urban requalification projects concerning suburbs. Among these, there is also the development of the nearby Via Parri, where 750 residential units have already been built on municipal agreement, as well as a park and several services. Then, there is the development and reorganization of the area in Via Silva and of some other vacant public buildings financed by Cdp.
The Park West operation, which has been recently closed thanks to the legal support from the firm Gianni Origoni Grippo Cappelli & Partners, sees the investment of about 250 million euro for the creation of a special purpose company that Värde will own for 90%, while the remaining quota will be held by Borio Mangiarotti, that will take care of the development phase of the project.
The agreement shows the interest of foreign capitals in Milan, as well as the interest of the American fund for Italy, with the acquisition in April of the group Boscolo Hotels. It’s remarkable that the fund decided to invest in the project even before the first stone was set. After some initial delay, the operation is now ready to start. In fact, the area has been already set for construction, while in the next weeks the administrative procedures will be completed, and the reclamation operations will start. “If everything goes according to the plan, – says De Albertis – we’ll be able to start the construction site in 2019 and the new neighbourhood will be ready in five or six years”.
The masterplan is signed by Cucinella Architects and sees the creation of a park as big as Parco Sempione, the implementation of over one thousand free and regulated residences, 30 thousand Sq m of offices and 10 thousand Sq m for commercial services.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi