Proiezioni Future, a joint venture set up at the end of 2017 between the Italian real estate developer Borio Mangiarotti and funds managed by Värde Partners, has finalized a sale and construction agreement for a large office development in Milan, part of the SeiMilano Project. The acquiror will be Orion European Real Estate Fund V managed by Orion Capital Managers (see here the press release).
Vitale & Co Real Estate acted as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners were legal advisors of Proiezioni Future. Dentons was a legal advisor to Orion Capital Managers.
SeiMilano is one of the largest development projects authorized in Milan and represents a long-term redevelopment program for peripheral and semi-abandoned areas. The master plan was prepared by architect Mario Cucinella and includes the development of approximately 100k square meters of residential area (including affordable houses), over 30k square meters of A-grade offices and approximately 10k square meters of retail commercial space .
Orion Capital Managers will then take care of the development of the office area, for a total investment of over 100 million euros. The office buildings will benefit from the proximity to the “Bisceglie” metro station and the creation of a new green park, which has a similar size to the Parco Sempione, designed by world-renowned designer Michel Desvigne. All investors are committed to pursuing a long-term sustainability agenda through the “placemaking” philosophy to meet international building energy efficiency standards as well as a high standard of living and neighborhood inclusion.
Edoardo De Albertis, ceo of Borio Mangiarotti, said: “We are proud that another leading international investor has decided to invest in SEIMILANO taking over the office component of the Project. Orion will develop a new generation working space that will further enhance the quality of the entire Project”.