BNP Paribas Real Estate Property Development Italy has announced the signing of an agreement with Siemens' Italian arm to develop the new headquarters of the electrical appliance manufacturer in the north-eastern Adriano district of Milan.

BNP Paribas Real Estate Property Development Italy has announced the signing of an agreement with Siemens' Italian arm to develop the new headquarters of the electrical appliance manufacturer in the north-eastern Adriano district of Milan.

The announcement marks the end of a public contest launched at end-2009 for the development of Siemens' new corporate head office, offering 27,500 m2 of gross space. A number of major national and international developers launched bids for the construction mandate.

Designed by architects Barreca & La Varra and Stefano Boeri Architetti, the new office building will feature the latest standards in energy-efficiency and sustainability. BNP Paribas REPD Italy will buy the site from Siemens.

'The agreement represents a landmark in the group's real estate development business in Italy, where in the coming years we aim to gain a leadership position, which already characterises our business in other European countries,' said Bruno Pinard, presidente di BNP Paribas REPD Italy.

The companies first announced in June that they were in advanced negotiations about the construction of the scheme.