Orion European Real Estate Fund V, sponsored by Orion Capital Managers, has acquired a significant development project in Milan from Milan-based Proiezioni Future, with total investment forecast at more than €100 mln.
Proiezioni Future is a joint venture between Borio Mangiarotti, the Milan-based real estate builder and developer, and Värde Partners, the global alternative investment firm.
The deal represents a sale and construction agreement for a large office development situated within the SeiMilano regeneration project in Milan, Italy. The broader scheme comprises a long-term programme of requalification of peripheral and semi-abandoned areas.
'Milan is a key European capital and we are happy to take part in one of the largest regeneration projects in the city. We strongly believe in the creation of a modern concept of working spaces benefiting from high standard residential living, landscaped green park and the 15 minutes Metro distance to the Milan city centre,' said Corrado Trabacchi at Orion Capital Managers.
The master plan has been shaped by architect Mario Cucinella and includes the development of approximately 100.000 m2 of residential area (including affordable homes), over 30.000 m2 Grade A offices and approximately 10.000 m2 of ancillary retail.
Orion Capital Managers, the second leading international real estate investor to invest in the project, will take over the development of over 30.000 m2 gross leasable area of Grade A modern office buildings.
'Värde has a strategic approach to mixed use developments and we believe that Orion’s track-record in Italy will be a benefit to SeiMilano and all stakeholders involved,' said Francisco Milone, partner and head of European Real Estate at Värde Partners.
'Having launched this project with a vision to regenerate the area, we are delighted to be making progress on what we believe will be a very desirable community,' added Milone.
Vitale&Co Real Estate acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners served as legal advisor to Proiezioni Future.
Dentons served as legal advisor to Orion Capital Managers.
