LSGI in exclusive talks on Milan retail project

Groupe Générale Immobilière (LSGI), the private investment vehicle of French-Hungarian businessman Robert de Balcany, is in exclusive negotiations to acquire the Cascina Merlata shopping centre development project in Milan, PropertyEU has learned.

According to well-informed market sources, De Balcany - who already owns the 56,500 m2 Euroma2 shopping centre in the Eur district of Rome - is buying the scheme from developer Euromilano.

Located in the Rho Pero outskirt of Milan, the scheme will offer 45,000 m2 of space on three levels and is part of the larger Expo 2015 development area which will bring a new district to the north-west of the city in time for the Universal Exposition next year.

The project includes 323,000 m2 of residences, a 200,000 m2 public park, a hotel and 15,000 m2 of offices.

Also in Milan, South Korean electronics giant Samsung is rumoured to be in negotiations to acquire an office scheme at Milan’s Porta Nuova development project from funds managed by Hines Italia, a joint venture of US developer-investor Hines and the Italian Catella family.

Samsung is said to be interested in one of the so-called 'Diamantini', an office scheme offering 11,500 m2 located adjacent to the main Kohn Pederson Fox Associates-designed tower in the Varesine section of Porta Nuova, a 254,000 m2 mixed-use development in downtown Milan.