Italian firm Galotti has transferred a number of development projects to the Q2 and Q3 value-added funds, which will be managed by asset manager Quorum. The commercial projects will entail a total investment of EUR 200 mln.
Italian firm Galotti has transferred a number of development projects to the Q2 and Q3 value-added funds, which will be managed by asset manager Quorum. The commercial projects will entail a total investment of EUR 200 mln.
The Bologna-based real estate firm has handed over an area of 44,000 m2 in the vicinity of Lambrate, Milan, where plans exist to refurbish the existing buildings and add further properties. On completion, the Everest site will provide a total of 65,000 m2 for an investment of EUR 170 mln.
Auros and Perseo, two office projects currently under construction in Pero and Lambrate, near Milan, have been transferred to the Q3 fund, which will spend some EUR 40 mln to complete the development. The buildings will offer a total of 37,000 m2 of space.
Galotti was advised by law firm Lombardi e Molinari and Gnudi e associati. Carisbo, part of the Intesa Sanpaolo group, and Unicredit Corporate Banking have participated as arrangers of a EUR 104 mln credit facility provided for the projects. DLA Piper advised the banks.
