Italian property company Brioschi Sviluppo Immobiliare said on Monday that the sale of its Milanofiori Nord project to Polis Fondi Immobiliari has fallen through due to changed conditions in the real estate market. Brioschi and its minority partner in the project, Bastogi, had agreed in December to sell Milanofiori Nord to the Polis Fondi-managed closed-end real estate investment fund, Tulipano. Milanofiori Nord consists of a 360,000 m[sup]2[/sup] plot of land already granted building permission for offices, shops, a multiscreen cinema facility, business park, hotel, residential complex and health and fitness club. The project, located in Assago, south of Milan, is said to be worth more than EUR 400mln.
Italian property company Brioschi Sviluppo Immobiliare said on Monday that the sale of its Milanofiori Nord project to Polis Fondi Immobiliari has fallen through due to changed conditions in the real estate market. Brioschi and its minority partner in the project, Bastogi, had agreed in December to sell Milanofiori Nord to the Polis Fondi-managed closed-end real estate investment fund, Tulipano. Milanofiori Nord consists of a 360,000 m2 plot of land already granted building permission for offices, shops, a multiscreen cinema facility, business park, hotel, residential complex and health and fitness club. The project, located in Assago, south of Milan, is said to be worth more than EUR 400mln.
Brioschi, which owns 83% of the project, said the sale of its Complesso Forum, a multi-use complex near Milan, to Polis Fondi has also fallen through while plans to sell an office and retail park development - part of the Milanofiori Nord project - are still in place.
