Cheyne Capital Real Estate has provided financing to Bain Capital Special Situations to the tune of €250 mln for the development of land in Milan for around 170 new homes in the Lambrate district and a 600 further residential units.
The Trotto residential complex will be part of the new urban district masterplan called “EXTM” by Hines.
Rafael Coste Campos, European head of real estate at Bain Capital Special Situations, said the investor estimated Milan would add nearly 30,000 more households by 2030, accelerating the current supply and demand imbalance in the residential market.
He said: ‘With this project, we will help provide high-quality, modern and energy efficient residential units critically important to the local community.’
The land being developed on has been assembled by Bistrot Fund, with one tranche of 100,000 m2 managed by Natissa SGR, and invested in by Bain Capital and Borio Mangiarotti from seller, the Invictus Fund, managed by Prelios SGR.
The same Bistrot fund has already got control of 16,000 m2 of land from Sammontana in the Lambrate district.
Daniel Schuldes of Cheyne Capital: ‘We are very pleased to have been able to support Bain Capital and Borio Mangiarotti with the acquisition of these exciting landmark residential development projects in Milan.’
