Brexit effect, the real estate sector is investing again in Milan

Since last year, when the threat of the exit of the United Kingdom from the European Union became reality with the results of the Brexit referendum, Milan has been pushing for its place in the spotlight, granting in this way a return  of the investments leaving London, According to Alexei Dal Pastro,  General Director of the listed real estate company (Siiq) Beni Stabili, something is moving. “Have we been contacted after the Brexit? The answer is yes. This could be a positive incentive”. Beni Stabili is for its 52.2% controlled by Foncière des Régions, whose first shareholder is the Luxottica patron, Leonardo Del Vecchio.

The Siiq closed the first semester with a net result reaching 557 million euro (+8.4% compared to the same period of last year) and a net revenue from rentals of 85.6 million (+4.2%).  “We’re positive about 2017, and the title reacted well with a recovery of over 20% since the beginning of the year”, adds Dal Pastro. The attention of the group goes to Milan and the office segment, where “there’s a very positive trend, a completely different dynamic from the rest of the country”. The goal is “to complete the development of all our spaces we have to reinvest in offices in Milan”. The real estate company is building in the city a new business district, Symbiosis, between Ripamonti Street and Ortles Boulevard. An area of 120 thousand Sq m will accommodate a new business park, where Fastweb has already reserved a space.

Source: Il Giorno

Translator: Cristina Ambrosi

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