Italian asset manager Prelios Sgr is to run a new investment platform for the giant SeiMilano urban regeneration project under way in Milan.
The platform, called Ariadne SICAF, will be held by developer Borio Mangiarotti and its parent company, global private equity firm Värde Partners.
It was created by transforming the former vehicle for the project, Proiezioni Future, which was established by by Borio Mangiarotti and Värde Partners, into a fixed-capital investment company, or SICAF.
The SeiMilano project involves the regeneration of a 330,000 m2 area between Via Calchi Taeggi and Via Bisceglie into an innovative new multifunctional district implementing the latest sustainability standards and set in a fully serviced park. It will accommodate 30,000 m2 of offices and around 10,000 m2 of other commercial premises as well as residential space, including around 1,000 social housing units.
Prelios Sgr will coordinate and supervise the development project and all related marketing activities.
Prelios SGR CEO Patrick Del Bigio said: ‘Once again Prelios SGR is the choice for investors on the Italian real estate market thanks to its wide experience in complex and innovative operations.
‘SeiMilano takes its inspiration from the ESG and sustainability principles of which Prelios SGR is a proud supporter and is an important step in the redevelopment of a large area in West Milan, which will establish a chain of urban parks in the Milan area with a view to creating a new eco-sustainable lifestyle approach for the benefit of the community.’
Borio Mangiarotti CEO Edoardo De Albertis commented: ‘We are excited to be involved in one of the largest residential developments underway in Milan, an innovative urban regeneration project involving a team of outstanding operators and institutional investors who reflect the prestige of the initiative and its prospects.’
The investment was completed with the assistance of the Gianni & Origoni firm on all regulatory, banking and real estate issues, Cappelli RCCD on all corporate and M&A matters, and Gatti Pavesi Bianchi Ludovici with regard to the fiscal aspects of the operation.
