Italian real estate company Redilco has begun development of the first phase of AMB Siziano business park near Milan in northern Italy. The park is being developed by a 50/50 joint venture between Redilco Group and AMB Property Corporation, a global developer and owner of industrial real estate.
Italian real estate company Redilco has begun development of the first phase of AMB Siziano business park near Milan in northern Italy. The park is being developed by a 50/50 joint venture between Redilco Group and AMB Property Corporation, a global developer and owner of industrial real estate.
Redilco told PropertyEU that the two real estate companies are currently 'in advanced talks in relation to other developments,' and that the Italian firm intends to 'further strengthen this venture to develop other business parks all around Italy.' Siziano business park is the first project developed by a venture established between the two groups in September 2005.
Once completed, the park is expected to provide 139,354 m2 of distribution space over a 310,000 m2 site. Building 1, currently under development, will provide some 40,598 m2 of space, and is scheduled for completion in the fourth quarter of 2007.
Redilco said the company is taking care both of the planning, construction and marketing of Siziano Business park. The Milan-based group, which has been active in the Italian market in the last 35 years, has five units: Redilco Real Estate, Redilco Property Management, the development unit Redil-CO.GE, advisory unit GVA Redilco, and Redilco Hotels and Tourism.
'Siziano Business Park is unique, as it is the only state-of-the-art distribution park of a large scale this close to Milan's city center,' commented Mo Barzegar, AMB's managing director in Europe.