Pirelli Real Estate said its 50-50 Quadrifoglio Milano joint venture has received the go-ahead to refurbish and develop the former headquarters of the state-owned cigarette producer Manifattura Tabacchi in Milan. Pirelli RE, in partnership with Fintecna Immobiliare, will begin demolition of the 83,000 m[sup]2[/sup] historical site this September and construction will start by the summer of 2008. Total investment for the project is estimated at EUR 250 mln.

Pirelli Real Estate said its 50-50 Quadrifoglio Milano joint venture has received the go-ahead to refurbish and develop the former headquarters of the state-owned cigarette producer Manifattura Tabacchi in Milan. Pirelli RE, in partnership with Fintecna Immobiliare, will begin demolition of the 83,000 m2 historical site this September and construction will start by the summer of 2008. Total investment for the project is estimated at EUR 250 mln.

The development will include some 54,000 m2 for private use and 29,000 m2 for public use. The mixed-use project will comprise both commercial and residential areas, as well as day-care centres, student housing, and a school promoted by the Lombardy region for film-making and advertising. The area will be serviced by a new metro line, whose construction has just started.