Italian real estate fund manager COIMA SGR has teamed up with real estate company Red Circle to develop a fashion hub next to Milan’s Porta Romana railway yard.

Coima said it has agreed the partnership with Renzo Rosso’s real property company to transform the former industrial site on Via Lorenzini into a 20,000sqm fashion hub.

According to sources, Red Circle and Coima will invest equally in the €200m project.

Coima acquired ownership of the Via Lorenzini complex in 2019 through the Coima Opportunity Fund II.

The scheme, which is being designed by architect Kohn Pederson Fox, will involve the refurbishment of two existing properties as well as the construction of two new L-shaped buildings. Construction will begin at the end of 2022 with completion scheduled for the end of 2025.

Manfredi Catella, founder and CEO of Coima SGR, said: “The partnership between Coima and Red Circle consolidates a multi-year collaboration that started in Porta Nuova and now continues in Porta Romana.

“This partnership brings together our respective experiences to imaginatively and harmoniously regenerate a former industrial complex that forms a fundamental piece of the wider redevelopment of the Porta Romana area, which includes the Scalo di Porta Romana and the 2026 Winter Olympic Village.”

Rosso, president of Red Circle, said: “Milan is experiencing a magical moment of development and transformation following the Expo and there is great excitement ahead of the 2026 Olympics. The largest fashion and luxury companies in the world are moving their offices to this city which is a candidate to become the fashion capital of the world.

“Our group is already present with the Marni and Jil Sander brands and we have decided to continue to focus on Milan with the construction of two very-high-profile headquarters in an area that is a symbol of the city’s international development and a future pole of luxury.”

Brian Girard, design Principal of Kohn Pedersen Fox, said: “We are delighted to be collaborating on this important regeneration project. “The design of Lorenzini 8 was inspired by the industrial heritage of Porta Romana and the refinement that distinguishes Milanese urban planning.

”Guided by the needs and aspirations of new generations, we hope that this campus of buildings and public spaces can establish itself as a new standard in the Milanese professional ecosystem.”

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