Italian asset management Antirion has announced the launch of a Milan-focused residential investment fund backed by institutional investors, Dutch pension fund PGGM and US investor Hines.
The vehicle, Milan Living Fund I, focuses on BTR real estate in the Italian city of Milan. It has already acquired over 45,000 m2 of assets at via Lampedusa. The acquisitions involve a total of nine buildings, partly abandoned, partly leased for office use. The investors plan to redevelop the properties into an income-generating residential complex following the best international ESG standards.
‘We are working with a strong focus on the residential sector and this fund confirms our strategy, and also allows us to take a large-scale approach to a quadrant in the south of Milan,’ commented Ofer Arbib, CEO of Antirion.
The news comes hard on the heels of Hines’ announcement earlier in March that it is to invest €850 mln to develop over 1,400 residential units in the city, particularly in the areas of Lambrate, Navigli and Porta Romana.
The investment is being made through the Milan Living Fund BTR 2 fund managed by Savills Investment Management SGR.
