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Fininvest transferred the development Milano 4 to the Orion fund
05 December, Milano Finanza
Goodbye Milano 4. The real estate development project promoted by the Berlusconi family has gone to a British investor. Two years from the start (after all, Silvio Berlusconi started from real estate with Edilnord), Fininvest decided to capitalise and to give up the ownership to complete the construction site following the same path as Milano 2 and Milano 3.
According to the Milano Finanza, the details of the operation have been determined in the past few weeks including several steps. The first action will see Fininvest, owned by Silvio Berlusconi and holding 48% of the special purpose vehicle for the project Immobiliare Leonardo, taking over the majority quota of 52% from his brother, Paolo Berlusconi. Once obtained all the interests, Fininvest will sell Milano 4 to the British fund Orion Capital Managers. Then Orion will take charge of the construction site and will build the houses in the town of Basiglio, south of Milan. The closing of the deal is expected by the end of the year. Immobiliare Leonardo, however, will remain in the Fininvest portfolio, although not as a developer. A part of the negotiation with Orion Capital, with the assistance of the advisor Vitale&Co, focuses on the future earnings granted to Fininvest after the sale of the asset.
The project is valued 250 million and includes the implementation of 808 houses (and an equivalent number of parking spaces) over a surface of 77 thousand Sq m for a total of 276 thousand cubic metres. Once the project is completed, the population of Basiglio (currently 8,000 people) will significantly increase (between 1,600 and 2,400 more people).
Orion has been operating in Italy since 2002 when it acquired a part (100 thousand Sq m) of the Lingotto building in Turin from Gca. Its other operations had concerned shopping centres and retail parks in Bologna, Vicenza, Monfalcone, Teramo and Rome.
Source: Milano Finanza
Translator: Cristina Ambrosi