Italian real estate firm Beni Stabili has signed a lease contract on the entire Garibaldi complex in Milan with Tecnimont, the main operating company of the international engineering and construction group Maire Tecnimont.

Italian real estate firm Beni Stabili has signed a lease contract on the entire Garibaldi complex in Milan with Tecnimont, the main operating company of the international engineering and construction group Maire Tecnimont.

The contract has a maturity of 9 years + 9 starting from 1 November 2010 and an annual rent once fully implemented of EUR 15 mln, which will be paid starting from the delivery of the entire complex scheduled for end-December 2012.

The Garibaldi complex was developed next to Porta Vittoria railway station and was occupied by the state-owned railway group. From November this year to end-December 2012 restructuring and requalification works will be carried out on the second tower, the baseline, and the land connection areas of the property.

The estimated investment for the development amounts to about EUR 70 mln, in addition to the about EUR 35 mln already invested for the work on the first tower.