A joint venture of Italian office-focused property firm Beni Stabili and construction company Greenway Costruzioni has completed the purchase of a 17,000 m[sup]2[/sup] plot of land in Milan for EUR 23mln. The acquisition was initially announced in February when Beni Stabili and Greenway Costruzioni said they were launching the new 80-20 real estate development in Northern Italy. The partnership aims to purchase build-on land and medium-size properties, primarily for commercial use in Lombardy. The properties will subsequently be renovated or developed.
A joint venture of Italian office-focused property firm Beni Stabili and construction company Greenway Costruzioni has completed the purchase of a 17,000 m2 plot of land in Milan for EUR 23mln. The acquisition was initially announced in February when Beni Stabili and Greenway Costruzioni said they were launching the new 80-20 real estate development in Northern Italy. The partnership aims to purchase build-on land and medium-size properties, primarily for commercial use in Lombardy. The properties will subsequently be renovated or developed.
Beni Stabili said the new joint venture enables it to launch its development plan, aimed at creating a pipeline of offices for its investment portfolio. Lazard and Co is providing financial advise.
