Italy's Beni Stabili and Greenway Costruzioni agreed on Wednesday to launch a new joint venture active in real estate development in Northern Italy. The partnership will aim to purchase build-on land and medium-size properties, primarily for commercial use, in Lombardy, Northern Italy. The properties will subsequently be renovated or developed.
Italy's Beni Stabili and Greenway Costruzioni agreed on Wednesday to launch a new joint venture active in real estate development in Northern Italy. The partnership will aim to purchase build-on land and medium-size properties, primarily for commercial use, in Lombardy, Northern Italy. The properties will subsequently be renovated or developed.
The new venture will be 80%-owned by the Beni Stabili Group and 20% by Greenway Costruzioni. Closing is expected to take place by the end of July. On completion of the development projects, Beni Stabili and Greenway will have the right to buy the commercial and residential properties.
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. Financial advisor of the operation is Lazard and Co.
Greenway Costruzioni is a company set up by promoters and builders from the Milan and Lombardy areas. Chairman Claudio De Abertis is head of the builders association of Milan, Monza and Lodi, Assimprendil-Ance Milano.
