Italian real estate fund manager Coima SGR is planning to redevelop an existing 1950s building in Milan into an office.

IPE Real Assets understands that the Ivory project in Piazzale Zavattari 12 is expected to cost €50m to develop and the manager will retain around 90% of the existing building structure through retrofitting to create a sustainable office project.

The building, which was part of the Isotta Fraschini car factory, will have around 14,000sqm across 12 floors, as well as 1,400sqm of panoramic terraces and multifunctional and retail spaces, Coima said.

Matteo Ravà, head of fund and asset management at Coima, said the redevelopment was in line with the value-add strategy of Coima’s Odyssey Fund, which aims to revive and reuse buildings to create new customer-focused “assets with modern amenities and the highest standards” of sustainability.

Ravà added: “This project confirms Coima’s strategy aimed at building reuse, which in the last 12 months has led to the completion of projects comprising more than 50,000sqm with an investment value of over €400m.

“We are committed to developing further sustainable reuse projects comprising 140,000sqm with an investment value of around €1bn.”

The Ivory project is designed by Milan-based architecture studio Piuarch.

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