(Visited 124 times, 1 visits today)
(Visited 124 times, 1 visits today)
  • Transaction / Assets
    two office buildings in Milan
  • Seller
  • Buyer
  • € MM

Milan. The two towers bought by Aedes will become offices

02 January, Il Giorno

New life for the two towers in Via Richard, not far away from Naviglio Grande. They were bought by the real estate company Aedes Siiq that will reconvert them to accommodate new offices. One of the two skyscrapers has already been leased to a multinational operating in communication. In this way, a new chapter opens for these buildings, 13 and 15 storeys high, built in the Eighties by Ligresti and whose model was replicated in various suburbs of Milan from north (in Via Stephenson) to south (in Via Ripamonti). Over the years, the buildings in Via Richard have hosted several companies to these days, empty and awaiting a new occupant.

Now the redemption of the two towers, respectively named C3 and E5, with a total surface of 15 thousand Sq m, has just started. Aedes Siiq invested 35 million euro to purchase and reconvert them. Once fully operational, they will be leased for 3.5 million euro yearly, with an assessed yield of 10%. For one of the towers, reads a memo from Aedes, “A general agreement for the lease of the entire building has been signed with a multinational operating in communication listed on the New York Stock Exchange for the duration of 9 years, with the possibility to extend to other 6 years, starting from the completion date of the renovation works”. The restyling of the building is coming soon. Hopefully, this new life of the building will be beneficial also for the entire neighbourhood, which is currently undergoing some important operations due to the implementation of the future M4 station.

Aedes, established in 1905, was the first real estate company to be listed on the Milan Stock Exchange, in 1924. The purchase of the towers in Via Richard is just the beginning of the projects lined up for this year.

“It confirms our commitment in increasing the value of our portfolio of properties for rental – stresses Giuseppe Rovelda, Aedes Siiq Ceo – in conformity with the objectives of the 2018-2023 strategic plan, achieving a portfolio valued over 1.6 billion euro”.

“Moreover, the general agreement for the long-term lease of one of the two towers to a multinational listed on the NYSE – adds Carlo Alessandro Puri Negri, Aedes Siiq president – strengthens our expansion strategy and it consolidates our cash flows coming from rents, pursuant to the Siiq model adopted by us in January 2016”.

Source: Il Giorno

Translator: Cristina Ambrosi

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