Three chasing the land of Generali in Milan

05 December, Milano Finanza

The property market in Milan is recovering really well. One of the most recent deals currently under negotiation is the one concerning the Generali property near Via Cenisio. The insurance company has started a couple of months ago a competitive auction for the purchase of the land and we’re now almost at the end of the contest. More in detail, according to rumours, there are three specialised funds left competing: Cerberus (particularly active in Italy as well as in the purchase of NPLs), Oaktree and Alpine Funds. The competition is in its final rush and it’s likely that it will conclude by the end of the year. The interest of the foreign investors is focused on the development potential of a semi-central area of the city, with the implementation of 200 apartments.

The whole requalification project is worth 100 million between the purchase of the land and property development. The deal is the phase of definition and it reflects a period for real estate that sees Italian and international investors implementing new residential projects in central areas of Milan. The French Nexity (with a turnover of 3 billion) has completed its construction site Porta Volta near the cemetery Monumentale. Varde, after having bought the hotel chain Boscolo, is now working together with Beni Stabili Siiq at the construction site in Via Montello, also located in Porta Volta: the project is worth 36 million. Then, always Cerberus has launched the works for another real estate project in Via Carducci. Finally, the Italian AbitareIn, AIM-listed, is continuing the construction works for the requalification of a residential property in the neighbourhood of Maggiolina.

Source: Milano Finanza

Translator: Cristina Ambrosi

Email

Linkedin

Twitter

Google