Milanofiori 2000, a subsidiary of Italian property investment group Brioschi Finanziaria, has sold two office projects in the south of Milan to the Polis Fund management company for EUR 91.25 mln, property advisor Savills has said.
Milanofiori 2000, a subsidiary of Italian property investment group Brioschi Finanziaria, has sold two office projects in the south of Milan to the Polis Fund management company for EUR 91.25 mln, property advisor Savills has said.
The buildings, known as U4 and U7, are currently under construction and will comprise a total area of 26,000 m2. The buildings will be part of a the 218,000 m2 Milanofiori Nord mixed-use development. The development includes a retail park, a four-star hotel, a multi-screen cinema and fitness facilities. Completion is expected in 2008. Savills is to be appointed by the purchasers as letting agent for the offices.
Lionello Rosina, head of Savills Italy, commented: 'This transaction represents one of Italy's most important investment deals this year due to the strategic importance of the project, as well of as the scale of the transaction itself. It confirms investor interest in the Milanese and Italian marketplaces extends to ground-breaking new development schemes such as this.' Polis was unrepresented in the transaction.
